XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 6 Months Ended
--- | ---
Jun. 30, 2020
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 6. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES The components of the Company's investments in unconsolidated subsidiaries were as follows:
(dollars in thousands) | June 30, 2020 |  | December 31, 2019
Investments in low income housing tax credit partnerships | $ | 14,626 |  |  | $ | 15,322 |
Investments in common securities of statutory trusts | 1,547 |  |  | 1,547 |
Investments in affiliates | 201 |  |  | 192 |
Other | 54 |  |  | 54 |
Total | $ | 16,428 |  |  | $ | 17,115 |
The Company invests in low-income housing tax credit ("LIHTC") partnerships. As of June 30, 2020 and December 31, 2019, the Company had $9.3 million and $11.5 million, respectively, in unfunded commitments related to the LIHTC partnerships. The expected payments for the unfunded commitments as of June 30, 2020 for the remainder of fiscal year 2020, the next five succeeding fiscal years and all years thereafter are as follows (dollars in thousands):
Year Ending December 31, |
2020 (remainder) | $ | 4,694 |
2021 | 1,494 |
2022 | 2,995 |
2023 | 10 |
2024 | 26 |
2025 | 6 |
Thereafter | 43 |
Total unfunded commitments | $ | 9,268 |
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. The following table presents amortization and tax credits recognized associated with our investments in LIHTC partnerships for the three and six months ended June 30, 2020 and June 30, 2019:
(dollars in thousands) | Three Months Ended June 30, 2020 |  | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2020 |  | Six Months Ended June 30, 2019
Proportional amortization method: |  |  |  |  |  |  |
Amortization expense recognized in income tax expense | $ | 348 |  |  | $ | 259 |  |  | $ | 696 |  |  | $ | 517 |
Tax credits recognized in income tax expense | 400 |  |  | 338 |  |  | 800 |  |  | 615 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration