XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.24.2

INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 5. INVESTMENTS IN UNCONSOLIDATED ENTITIES The following table presents the components of the Company's investments in unconsolidated entities as of the dates presented:
(dollars in thousands) | June 30, 2024 |  | December 31, 2023
Investments in low-income housing tax credit partnerships, net of amortization | $ | 36,478 |  |  | $ | 37,838 |
Investments in common securities of statutory trusts | 1,547 |  |  | 1,547 |
Investments in affiliates | 80 |  |  | 111 |
Other | 2,050 |  |  | 2,050 |
Total | $ | 40,155 |  |  | $ | 41,546 |
The Company had commitments to fund low-income housing tax credit ("LIHTC") partnerships totaling $47.8 million as of June 30, 2024 and December 31, 2023. Unfunded commitments related to LIHTC partnerships totaled $14.3 million and $22.0 million at June 30, 2024 and December 31, 2023, respectively, and are included 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. The following table presents the expected payments for the unfunded commitments of LIHTC and other partnerships as of June 30, 2024, for the remainder of fiscal year 2024, the next five succeeding fiscal years, and all years thereafter:
(dollars in thousands) |  |  |  |  |
Year Ending December 31, | LIHTC |  | Other |  | Total
2024 (remainder) | $ | 9,696 |  |  | $ | 903 |  |  | $ | 10,599 |
2025 | 4,248 |  |  | — |  |  | 4,248 |
2026 | 26 |  |  | — |  |  | 26 |
2027 | 26 |  |  | — |  |  | 26 |
2028 | 20 |  |  | — |  |  | 20 |
2029 | 27 |  |  | — |  |  | 27 |
Thereafter | 286 |  |  | — |  |  | 286 |
Total unfunded commitments | $ | 14,329 |  |  | $ | 903 |  |  | $ | 15,232 |
The following table presents amortization and tax credits recognized associated with our investments in LIHTC partnerships for the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Proportional amortization method: |  |  |  |  |  |  |
Amortization expense recognized in income tax expense | $ | 674 |  |  | $ | 714 |  |  | $ | 1,360 |  |  | $ | 1,428 |
Tax credits recognized in income tax expense | 801 |  |  | 892 |  |  | 1,601 |  |  | 1,784 |
In 2021, the Company committed $2.0 million to 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 Company had $0.9 million and $1.0 million in unfunded commitments related to the investment as of June 30, 2024 and December 31, 2023, respectively, which was recorded in other liabilities. 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. 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 intellectual property rights and a platform usage fee agreement related to products that may be launched by Swell or its affiliates in the future (not to exceed $1.5 million in value). Due to the aforementioned events, the Company performed an impairment analysis and concluded the intellectual property rights and the platform usage fee agreement received in exchange for the Company's investment in Swell were not impaired as of June 30, 2024 and December 31, 2023. The intangible assets, net of accumulated amortization, totaling $1.4 million and $1.5 million are included in other assets on the Company's consolidated balance sheet as of June 30, 2024 and December 31, 2023, respectively.

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://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
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration