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Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract]  
Schedule of Affordable Housing, Tax Credit and CRA Investments, Net and Related Unfunded Commitments
The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments
$475,751 $293,387 $419,785 $251,746 
Tax credit and CRA investments
211,591 107,010 — — 
Equity method of accounting and other:
Tax credits and CRA investments
269,086 152,123 485,251 298,990 
Total$956,428 $552,520 $905,036 $550,736 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
Schedule of Additional Information related to the Affordable Housing, Tax Credit and CRA Investments, Net
The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2024202320242023
Tax credits and benefits (1):
PAM:
Affordable housing partnership investments
$15,612 $15,304 $34,031 $31,398 
Tax credit and CRA investments
26,304 — 53,453 — 
Equity method of accounting and other:
Tax credit and CRA investments21,543 58,404 34,137 72,902 
Total tax credits and benefits
$63,459 $73,708 $121,621 $104,300 
Amortization:
PAM:
Affordable housing partnership investments (2)
$9,774 $10,506 $23,643 $23,172 
Tax credit and CRA investments (3)
20,015 — 43,316 — 
Equity method of accounting and other:
Tax credit and CRA investments (4) (5)
16,052 55,914 29,259 66,024 
Total amortization
$45,841 $66,420 $96,218 $89,196 
(1)Included in Income tax expense on the Consolidated Statement of Income for the three and six months ended June 30, 2024 and 2023.
(2)Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three and six months ended June 30, 2024 and 2023.
(3)Due to the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three and six months ended June 30, 2024.
(4)Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the three and six months ended June 30, 2024 and 2023.
(5)Includes net impairment recoveries of $1 million and $2 million for the three and six months ended June 30, 2023, respectively, primarily related to historic tax credits. In comparison, there were no impairment recoveries or losses for three or six months ended June 30, 2024.