Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2023

(9.) OTHER ASSETS AND OTHER LIABILITIES

A summary of other assets and other liabilities as of December 31 is as follows (in thousands):


	2023		2022
Other Assets
Tax credit investments	$	68,253	$	55,568
Net deferred tax asset		48,733		53,427
Derivative instruments		43,506		54,557
Operating lease right of use assets		31,524		31,120
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock		17,406		19,385
Accrued interest receivable		24,481		19,371
Other		80,454		29,564
Total other assets	$	314,357	$	262,992

Other Liabilities
Collateral on derivative instruments	$	40,350	$	54,300
Derivative instruments		37,521		47,751
Operating lease right of use obligations		33,788		33,229
Accrued interest expense		19,412		5,983
Other		52,570		41,758
Total other liabilities	$	183,641	$	183,021

Included in other assets at December 31, 2023 was a receivable of $37.9 million related to the surrender of a COLI policy in connection with the surrender and redeploy strategy during the fourth quarter of 2023. The Company expects to receive the proceeds from this transaction in the first half of 2024.