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Investments in Tax Credit Structures
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Tax Credit Structures INVESTMENTS IN TAX CREDIT STRUCTURES
The Company invests in the equity of certain limited partnerships or limited liability companies that are typically associated with affordable housing partnerships and renewable energy projects that generate LIHTC, investment tax credits (“ITC”), and other income tax benefits for the Company.
Following the adoption of ASU 2023-02 in 2024, the Company elected to account for its tax credit investments using the proportional amortization method (“PAM”) on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 1 “Summary of Significant Accounting Policies”.
The Company recorded its investments in qualifying affordable housing partnerships, net, using the equity investment method. The Company’s investments in renewable energy tax credits were accounted for under PAM and recorded under other assets, and its commitments to fund investments in tax credit structures were recorded in other liabilities on the Consolidated Statements of Financial Condition.
The following table presents the investments and unfunded commitments of the Company’s investments in tax credit structures at December 31, 2025 and 2024:
December 31, 2025December 31, 2024
AssetsUnfunded CommitmentsAssetsUnfunded Commitments
(Dollars in thousands)
PAM:
Investments in renewable energy tax credits$12,440 $12,405 $3,425 $2,758 
Equity method:
Investments in affordable housing partnerships27,941 20,478 32,354 11,283 
Total$40,381 $32,883 $35,779 $14,041 
The following table presents additional information related to tax credit and benefits and amortization recorded for the years ended December 31, 2025, 2024, and 2023.
Year Ended December 31,
202520242023
(Dollars in thousands)
Tax credits and benefits:
PAM
Investments in renewable energy tax credits$40,256 $18,211 $— 
Equity method
Investments in affordable housing partnerships12,087 11,067 11,271 
Total$52,343 $29,278 $11,271 
Amortization:
PAM
Investments in renewable energy tax credits$36,882 $16,575 $— 
Equity method
Investments in affordable housing partnerships10,547 9,051 8,195 
Total$47,429 $25,626 $8,195