7. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES

Investments in unconsolidated subsidiaries as of December 31, 2018 and 2017 consisted of the following components:



	December 31,
	2018		2017
	(Dollars in thousands)
Investments in low income housing tax credit partnerships	$	11,603	$	3,608
Investments in common securities of statutory trusts	2,169		2,792
Investments in affiliates	182		634
Other	54		54
Total	$	14,008	$	7,088

The Company invests in low income housing tax credit ("LIHTC") partnerships. As of December 31, 2018 and 2017, the Company had $8.3 million and $2.6 million, respectively, in unfunded commitments related to the LIHTC partnerships. The expected payments for the unfunded commitments as of December 31, 2018 are as follows (in thousands):



Year Ending December 31:
2019	$	4,634
2020	3,466
2021	94
2022	10
2023	10
Thereafter	70
Total commitments	$	8,284

Prior to 2018, the Company's investments in LIHTC partnerships were accounted for using the cost method. In 2018, the Company voluntarily changed its accounting policy for LIHTC partnerships from the cost method to the proportional amortization method using the practical expedient available under ASC 323, "Investments - Equity Method and Joint Ventures", which permits an investor to amortize the initial cost of the investment in proportion to only the tax credits allocated to the investor. The Company believes the proportional amortization method is preferable because it better reflects the economics of an investment that is made for the primary purpose of receiving tax credits and other tax benefits. In addition to a change in the timing of the recognition of amortization expense on LIHTC investments, amortization expense on LIHTC investments is now reflected in the income tax expense line, which provides users a better understanding of the nature of the returns of such investments, instead of in other operating expenses on the consolidated statements of income. Prior period results were adjusted to reflect this change in accounting policy. See Note 1 - Summary of Significant Accounting Policies to our consolidated financial statements for further discussion of the change in accounting policy applied to these investments.

The following table presents amortization expense and tax credits recognized associated with our investments in LIHTC partnerships for the periods presented:



	Year Ended December 31,
	2018		2017		2016
	(Dollars in thousands)
Proportional amortization method:
Amortization expense recognized in income tax expense	$	1,005	$	744	$	1,045
Federal and state tax credits recognized in income tax expense	759		919		1,174