Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Investments in Qualified Affordable Housing Partnerships, Net [Abstract]

Schedule of Affordable Housing and Tax Credits and Other Investments and Unfunded Commitments

The following table presents investments and unfunded commitments of the Company’s qualified affordable housing partnerships, tax credit, and other investments as of December 31, 2022 and 2021:

	December 31,
	2022				2021
($ in thousands)	Assets		Liabilities - Unfunded Commitments (1)		Assets		Liabilities - Unfunded Commitments (1)
Investments in qualified affordable housing partnerships, net	$	413,253	$	266,654	$	289,741	$	146,152
Investments in tax credit and other investments, net	350,003		185,797		338,522		163,464
Total	$	763,256	$	452,451	$	628,263	$	309,616

(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.

Schedule of Additional Information related to the Investments in Affordable Housing and Tax Credit and Other Investments

The following table presents additional information related to the investments in qualified affordable housing partnerships, tax credit and other investments for the years ended December 31, 2022, 2021 and 2020:

($ in thousands)	Year Ended December 31,
	2022		2021		2020
Investments in qualified housing partnerships, net
Tax credits and other tax benefits recognized	$	52,132	$	50,643	$	45,971
Amortization expense included in income tax expense	$	38,759	$	33,248	$	37,132
Investments in tax credit and other investments, net
Amortization of tax credit and other investments	$	113,358	$	122,457	$	70,082
Unrealized (losses) gains on equity securities with readily determinable values	$	(2,928)	$	(746)	$	732
Impairment recoveries (losses), net (1)	$	469	$	1,250	$	(3,699)

(1)For the year ended December 31, 2022, impairment recoveries of $3.4 million were related to three energy tax credits and one historic tax credit, respectively, offset by impairment losses of $2.9 million related to two historic tax credits. For the year ended December 31, 2021, impairment recoveries were related to one historic tax credit and two energy tax credits. For the year ended December 31, 2020, impairment losses of $4.8 million and $360 thousand related to three historic tax credits and one non-marketable equity security, respectively, offset by impairment recoveries of $1.5 million related to one energy tax credit and three historic tax credits.

Schedule of Unfunded Commitments Related to Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Estimated to be Funded

As of December 31, 2022, the Company’s unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments are estimated to be funded as follows:

($ in thousands)	Amount
2023	$	312,795
2024	64,576
2025	64,617
2026	3,936
2027	1,413
Thereafter	5,114
Total	$	452,451