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Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract] |
Schedule of Affordable Housing, Tax Credit and CRA Investments, Net and Related Unfunded Commitments | The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of December 31, 2024 and 2023:
|  | December 31,
|  | 2024 |  | 2023
($ in thousands) |  | Assets |  | Liabilities - Unfunded Commitments (1) |  | Assets |  | Liabilities - Unfunded Commitments (1)
PAM: |  |  |  |  |  |  |  |
Affordable housing partnership investments |  | $ | 500,217 |  |  | $ | 280,919 |  |  | $ | 419,785 |  |  | $ | 251,746 |
Tax credit and CRA investments |  | 160,429 |  |  | 21,202 |  |  | — |  |  | — |
Equity method of accounting and other: |  |  |  |  |  |  |  |
Tax credits and CRA investments |  | 265,994 |  |  | 105,743 |  |  | 485,251 |  |  | 298,990 |
Total |  | $ | 926,640 |  |  | $ | 407,864 |  |  | $ | 905,036 |  |  | $ | 550,736 |
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
Schedule of Additional Information related to the Affordable Housing, Tax Credit and CRA Investments, Net | The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the years ended December 31, 2024, 2023 and 2022:
|  | Year Ended December 31, |  |  |
($ in thousands) |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |
Tax credits and benefits (1): |  |  |  |  |  |  |  |  |  |  |
PAM: |  |  |  |  |  |  |  |  |  |  |
Affordable housing partnership investments |  | $ | 70,335 |  |  | $ | 60,939 |  |  | $ | 52,132 |  |  |  |  |  |
Tax credit and CRA investments |  | 110,260 |  |  | — |  |  | — |  |  |  |  |  |
Equity method of accounting and other: |  |  |  |  |  |  |  |  |  |  |
Tax credit and CRA investments |  | 64,720 |  |  | 124,433 |  |  | 116,132 |  |  |  |  |  |
Total tax credits and benefits |  | $ | 245,315 |  |  | $ | 185,372 |  |  | $ | 168,264 |  |  |  |  |  |
Amortization: |  |  |  |  |  |  |  |  |  |  |
PAM: |  |  |  |  |  |  |  |  |  |  |
Affordable housing partnership investments (2) |  | $ | 46,113 |  |  | $ | 43,041 |  |  | $ | 38,759 |  |  |  |  |  |
Tax credit and CRA investments (3) |  | 90,113 |  |  | — |  |  | — |  |  |  |  |  |
Equity method of accounting and other: |  |  |  |  |  |  |  |  |  |  |
Tax credit and CRA investments (4) (5) |  | 54,242 |  |  | 120,299 |  |  | 113,358 |  |  |  |  |  |
Total amortization |  | $ | 190,468 |  |  | $ | 163,340 |  |  | $ | 152,117 |  |  |  |  |  |
(1)Included in Income tax expense on the Consolidated Statement of Income for the years ended December 31, 2024, 2023 and 2022. (2)Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the years ended December 31, 2024, 2023 and 2022. (3)Due to the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the year ended December 31, 2024. (4)Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the years ended December 31, 2024, 2023 and 2022. (5)Includes impairment of $1 million for the year ended December 31, 2024, and net impairment recoveries of $1 million and $469 thousand for the years ended December 31, 2023 and 2022, respectively. The activity was primarily related to historic and/or energy tax credits.
Schedule of Unfunded Commitments Related to Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Estimated to be Funded | As of December 31, 2024, the Company’s unfunded commitments related to investments in affordable housing partnership, tax credit and CRA investments, net are estimated to be funded as follows:
($ in thousands) |  | Amount
2025 |  | $ | 304,008 |
2026 |  | 85,995 |
2027 |  | 9,434 |
2028 |  | 1,643 |
2029 |  | 1,306 |
Thereafter |  | 5,478 |
Total |  | $ | 407,864 |

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