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Tax Credit Investments | 9 Months Ended
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Sep. 30, 2020
Income Tax Disclosure [Abstract] |
Tax Credit Investments | Tax Credit Investments TCIs are primarily for investments promoting qualified affordable housing projects and investments in community development entities. Investments in these projects generate a return primarily through the realization of federal income tax credits and deductions for operating losses over a specified time period. The TCIs are included in other assets, with any unfunded equity commitments recorded in other liabilities on the consolidated balance sheets. Certain TCIs qualify for the proportional amortization method and are amortized over the period the Corporation expects to receive the tax credits, with the expense included within income taxes on the consolidated statements of income. Other TCIs are accounted for under the equity method of accounting, with amortization included within non-interest expense on the consolidated statements of income. This amortization includes equity in partnership losses and the systematic write-down of investments over the period in which income tax credits are earned. All of the TCIs are evaluated for impairment at the end of each reporting period. The following table presents the balances of the Corporation's TCIs and related unfunded commitments:
|  |  | September 30, |  | December 31,
|  |  | 2020 |  | 2019
Included in other assets: |  | (in thousands)
Affordable housing tax credit investment, net |  | $ | 145,415 |  |  | $ | 153,351 |
Other tax credit investments, net |  | 70,379 |  |  | 64,354 |
| Total TCIs, net |  | $ | 215,794 |  |  | $ | 217,705 |
Included in other liabilities: |  |  |  |
Unfunded affordable housing tax credit commitments |  | $ | 22,591 |  |  | $ | 16,684 |
Other tax credit liabilities |  | 60,585 |  |  | 55,105 |
| Total unfunded tax credit commitments and liabilities |  | $ | 83,176 |  |  | $ | 71,789 |
The following table presents other information relating to the Corporation's TCIs:
|  |  | Three Months Ended |  | Nine Months Ended
|  |  | September 30 |  | September 30
|  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Components of income taxes: |  | (in thousands)
Affordable housing tax credits and other tax benefits |  | $ | (7,290) |  |  | $ | (7,852) |  |  | $ | (21,678) |  |  | $ | (23,002) |
Other tax credit investment credits and tax benefits |  | (1,240) |  |  | (1,136) |  |  | (3,122) |  |  | (3,407) |
Amortization of affordable housing investments, net of tax benefit |  | 5,024 |  |  | 5,649 |  |  | 15,071 |  |  | 16,638 |
Deferred tax expense |  | 275 |  |  | 238 |  |  | 691 |  |  | 715 |
| Total net reduction in income tax expense |  | $ | (3,231) |  |  | $ | (3,101) |  |  | $ | (9,038) |  |  | $ | (9,056) |
Amortization of TCIs: |  |  |  |  |  |  |  |
Affordable housing tax credits investment |  | $ | 1,021 |  |  | $ | 863 |  |  | $ | 3,065 |  |  | $ | 2,508 |
Other tax credit investment amortization |  | 673 |  |  | 670 |  |  | 1,529 |  |  | 2,008 |
| Total amortization of TCIs |  | $ | 1,694 |  |  | $ | 1,533 |  |  | $ | 4,594 |  |  | $ | 4,516 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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