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Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments$480,751 $284,712 $419,785 $251,746 
Tax credit and CRA investments191,644 94,529 — — 
Equity method of accounting and other:
Tax credits and CRA investments252,044 118,243 485,251 298,990 
Total$924,439 $497,484 $905,036 $550,736 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
Schedule of Additional Information related to the Affordable Housing, Tax Credit and CRA Investments, Net
The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Tax credits and benefits (1):
PAM:
Affordable housing partnership investments$17,352 $15,660 $51,383 $47,058 
Tax credit and CRA investments27,321 — 80,774 — 
Equity method of accounting and other:
Tax credit and CRA investments14,918 47,395 49,055 120,297 
Total tax credits and benefits$59,591 $63,055 $181,212 $167,355 
Amortization:
PAM:
Affordable housing partnership investments (2)
$11,245 $11,587 $34,888 $34,759 
Tax credit and CRA investments (3)
21,819 — 65,135 — 
Equity method of accounting and other:
Tax credit and CRA investments (4) (5)
5,600 49,694 34,859 115,718 
Total amortization$38,664 $61,281 $134,882 $150,477 
(1)Included in Income tax expense on the Consolidated Statement of Income for the three and nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2024 and 2023.
(5)Includes net impairment losses of $1 million for the three months ended September 30, 2023, and net impairment recoveries of $1 million for the nine months ended September 30, 2023. The activity for both periods was primarily related to historic tax credits. In comparison, there were no impairment recoveries or losses for the three and nine months ended September 30, 2024.