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Investments, Equity Method and Joint Ventures | 6 Months Ended
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Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investment Program, Proportional Amortization Method, Elected | Investments in Tax Credits Structures The Company's tax credit investments include LIHTC investments and a Solar Tax Credit investment. LIHTC investments promote qualified affordable housing projects, some of which also support the Company’s regulatory compliance with the CRA. The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction to income tax expense. For the Company’s accounting policies on tax credit investments, see Note 1 - Description of Business, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Pronouncements included in Item 8. Financial Statements And Supplementary Data in our 2024 Annual Form 10-K. LIHTC Investments The carrying values of investments in unconsolidated LIHTC investments were $175.5 million and $187.2 million as of June 30, 2025 and December 31, 2024, respectively, as a component of prepaid expense and other assets on the Condensed Consolidated Statements of Financial Condition. LIHTCs are accounted for using the proportional amortization method. During the three months ended June 30, 2025 and 2024 the Company recognized proportional amortization of $6.0 million and $4.9 million, respectively, and during the six months ended June 30, 2025 and 2024 the Company recognized proportional amortization of $11.9 million and $10.0 million, respectively, as a component of income tax in the Condensed Consolidated Statements of Income. Total unfunded contingent commitments related to the Company's LIHTC investments totaled $47.1 million and $81.2 million at June 30, 2025 and December 31, 2024, respectively, as a component of accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition. The Company expects to fund LIHTC commitments totaling $30.0 million during the year ending December 31, 2025 and $6.4 million during the year ending December 31, 2026, with the remaining commitments of $10.7 million to be funded by December 31, 2041. There were no significant modifications or events that resulted in a change in the nature or change in the underlying project for the Company's LIHTC investments at June 30, 2025 or December 31, 2024. Solar Tax Credit Investment The Solar Tax Credit investment is accounted for using the equity method. During the three and six months ended June 30, 2025 and 2024, the Company recorded no amortization expense in connection with the Solar Tax Credit investment.

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- Definition The entire disclosure of investment that generates income tax credit and other income tax benefit under tax credit program elected to be accounted for using proportional amortization method. Includes, but is not limited to, investment under tax credit program not meeting condition for accounting under proportional amortization method. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-1A + Details
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