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

3 Months Ended

Mar. 31, 2023

Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract]

Schedule of Investment in Affordable Housing and Tax Credit and Other Investments, Net and Related 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 March 31, 2023 and December 31, 2022:

	March 31, 2023				December 31, 2022
($ in thousands)	Assets		Liabilities - Unfunded Commitments (1)		Assets		Liabilities - Unfunded Commitments (1)
Investments in qualified affordable housing partnerships, net	$	388,926	$	241,371	$	413,253	$	266,654
Investments in tax credit and other investments, net	352,428		190,010		350,003		185,797
Total	$	741,354	$	431,381	$	763,256	$	452,451

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

Schedule of Amortization of 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 three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
($ in thousands)	2023		2022
Investments in qualified housing partnerships, net
Tax credits and other tax benefits recognized	$	16,094	$	12,830
Amortization expense included in income tax expense	$	12,666	$	10,025
Investments in tax credit and other investments, net
Amortization of tax credit and other investments (1)	$	10,110	$	13,900
Unrealized gains (losses) on equity securities with readily determinable values	$	361	$	(1,161)

(1)Includes $174 thousand in impairment recovery related to the $3.7 million cash settlement received from the Company’s investment in DC Solar that was previously written off.