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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 12 Months Ended
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Dec. 31, 2023
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 6. INVESTMENTS IN UNCONSOLIDATED ENTITIES Investments in unconsolidated entities consisted of the following components as of December 31, 2023 and 2022:
| December 31,
(Dollars in thousands) | 2023 |  | 2022
Investments in low income housing tax credit partnerships | $ | 37,838 |  |  | $ | 40,939 |
Investments in common securities of statutory trusts | 1,547 |  |  | 1,547 |
Investments in affiliates | 111 |  |  | 110 |
Other | 2,050 |  |  | 4,045 |
Total | $ | 41,546 |  |  | $ | 46,641 |
The Company invests in low income housing tax credit ("LIHTC") partnerships. As of December 31, 2023 and 2022, the Company had $22.0 million and $23.6 million, respectively, in unfunded commitments related to the LIHTC partnerships, which is included in other liabilities in the Company's consolidated balance sheets. The expected payments for the unfunded commitments related to the Company's investments in unconsolidated entities as of December 31, 2023 are as follows:
(Dollars in thousands) | LIHTC |  | Other |  |
Year Ending December 31: | Partnerships |  | Partnerships |  | Total
2024 | $ | 17,418 |  |  | $ | 983 |  |  | $ | 18,401 |
2025 | 4,248 |  |  | — |  |  | 4,248 |
2026 | 26 |  |  | — |  |  | 26 |
2027 | 26 |  |  | — |  |  | 26 |
2028 | 20 |  |  | — |  |  | 20 |
Thereafter | 303 |  |  | — |  |  | 303 |
Total commitments | $ | 22,041 |  |  | $ | 983 |  |  | $ | 23,024 |
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,
(Dollars in thousands) | 2023 |  | 2022 |  | 2021
Proportional amortization method: |  |  |  |  |
Amortization expense recognized in income tax expense | $ | 3,101 |  |  | $ | 2,566 |  |  | $ | 2,174 |
Federal and state tax credits recognized in income tax expense | 3,400 |  |  | 2,938 |  |  | 2,373 |
In 2021, the Company committed $2.0 million in the JAM FINTOP Banktech Fund, L.P. The Company does not have the ability to exercise significant influence over the JAM FINTOP Banktech Fund, L.P. 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 investment in unconsolidated entities in the Company's consolidated balance sheets. As of December 31, 2023, the Company had an unfunded commitment of $1.0 million related to the investment, which is expected to be paid in 2024. The unfunded commitment is included in other liabilities in the Company's consolidated balance sheets. During the first quarter of 2022, the Company invested $2.0 million in Swell Financial, Inc. ("Swell"). The Company did not have the ability to exercise significant influence over Swell and the investment did 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 was included in investments in unconsolidated entities in the Company's consolidated balance sheet at December 31, 2022. During the third quarter of 2023, the Company entered into a transaction with Swell whereby Swell repurchased the Company’s entire preferred and common stock equity investment in exchange for $0.5 million in cash and certain intangible assets. The intangible assets totaling $1.5 million are included in other assets in the Company's consolidated balance sheet at December 31, 2023.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent + Details
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