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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES
 9 Months Ended
Sep. 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)September 30, 2024December 31, 2023
Investments in low-income housing tax credit partnerships, net of amortization$51,152 $37,838 
Investments in common securities of statutory trusts1,547 1,547 
Investments in affiliates87 111 
Other2,050 2,050 
Total$54,836 $41,546 

The Company had commitments to fund low-income housing tax credit ("LIHTC") partnerships totaling $63.5 million and $47.8 million as of September 30, 2024 and December 31, 2023, respectively. Unfunded commitments related to LIHTC partnerships totaled $20.0 million and $22.0 million at September 30, 2024 and December 31, 2023, respectively, and were included in other liabilities in the Company's consolidated balance sheets. The investments were accounted for under the proportional amortization method and were 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 September 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, LIHTCOtherTotal
2024 (remainder)$1,406 $803 $2,209 
202510,519 — 10,519 
20267,564 — 7,564 
202736 — 36 
202830 — 30 
202936 — 36 
Thereafter386 — 386 
Total unfunded commitments$19,977 $803 $20,780 

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

Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Proportional amortization method:
Amortization expense recognized in income tax expense$1,012 $714 $2,372 $2,142 
Tax credits recognized in income tax expense1,155 891 2,756 2,675 
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 $0.8 million and $1.0 million in unfunded commitments related to the investment as of September 30, 2024 and December 31, 2023, respectively, which was 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.

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 September 30, 2024 and December 31, 2023. The intangible assets, net of accumulated amortization, totaling $1.4 million and $1.5 million as of September 30, 2024 and December 31, 2023, respectively, were included in other assets on the Company's consolidated balance sheets.