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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 9 Months Ended
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Sep. 30, 2022
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 6. INVESTMENTS IN UNCONSOLIDATED ENTITIES The components of the Company's investments in unconsolidated entities were as follows:
(dollars in thousands) | September 30, 2022 |  | December 31, 2021
Investments in low income housing tax credit partnerships, net of amortization | $ | 31,019 |  |  | $ | 25,916 |
Investments in common securities of statutory trusts | 1,547 |  |  | 1,547 |
Investments in affiliates | 154 |  |  | 162 |
Other | 4,049 |  |  | 2,054 |
Total | $ | 36,769 |  |  | $ | 29,679 |
The Company invests in low-income housing tax credit ("LIHTC") and other partnerships. The Company had commitments to fund LIHTC partnerships totaling $37.2 million and $30.3 million as of September 30, 2022 and December 31, 2021, respectively. Unfunded commitments related to LIHTC partnerships of $14.2 million a nd $14.3 million as of September 30, 2022 and December 31, 2021, respectively, are recorded in other liabilities in the Company's consolidated balance sheets. The investments are accounted for under the proportional amortization method and are included in investments in unconsolidated entities in the Company's consolidated balance sheets. During the first quarter of 2022, the Company invested $2.0 million in Swell Financial, Inc. ("Swell"), which included $1.5 million in other intangible assets and services provided in exchange for Swell non-voting common stock and $0.5 million in cash in exchange for Swell preferred stock. Swell plans to launch a consumer banking app that combines checking, credit and more into one integrated account, and Central Pacific Bank will serve as the bank sponsor. The Company does not have the ability to exercise significant influence over Swell and the investment does not have a readily determinable fair value. As a result, the Company determined that the cost method of accounting for the investment was appropriate. The investment is included in investments in unconsolidated entities. During the second quarter of 2021, the Company committed $2.0 million to the JAM FINTOP Banktech Fund, L.P., a venture capital investment fund designed to help develop and accelerate technology adoption at community banks across the United States. The Company had $1.7 million in unfunded commitments related to the investment as of September 30, 2022, which is recorded in other liabilities and remained unchanged from $1.7 million as of December 31, 2021. The investment is accounted for under the cost method and is included in investment in unconsolidated entities. The expected payments for the unfunded commitments as of September 30, 2022 for the remainder of fiscal year 2022, the next five succeeding fiscal years and all years thereafter are as follows:
(dollars in thousands) |  |  |  |  |
Year Ending December 31, | LIHTC partnerships |  | Other partnerships |  | Total
2022 (remainder) | $ | 137 |  |  | $ | 150 |  |  | $ | 287 |
2023 | 8,138 |  |  | 1,503 |  |  | 9,641 |
2024 | 1,503 |  |  | — |  |  | 1,503 |
2025 | 4,238 |  |  | — |  |  | 4,238 |
2026 | 16 |  |  | — |  |  | 16 |
2027 | 16 |  |  | — |  |  | 16 |
Thereafter | 151 |  |  | — |  |  | 151 |
Total unfunded commitments | $ | 14,199 |  |  | $ | 1,653 |  |  | $ | 15,852 |
The following table presents amortization and tax credits recognized associated with our investments in LIHTC partnerships for the three and nine months ended September 30, 2022 and September 30, 2021:
(dollars in thousands) | Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
Proportional amortization method: |  |  |  |  |  |  |
Amortization expense recognized in income tax expense | $ | 606 |  |  | $ | 706 |  |  | $ | 1,820 |  |  | $ | 1,520 |
Tax credits recognized in income tax expense | 709 |  |  | 831 |  |  | 2,127 |  |  | 1,779 |

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- 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 https://asc.fasb.org/subtopic&trid=2324412 + Details
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