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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES
 12 Months Ended
Dec. 31, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES
6. INVESTMENTS IN UNCONSOLIDATED ENTITIES

The following table presents the components of the Company's investments in unconsolidated entities as of December 31, 2025 and 2024:

December 31,
(Dollars in thousands)20252024
Investments in low income housing tax credit partnerships$58,496 $48,730 
Investments in common securities of statutory trusts1,547 1,547 
Investments in affiliates120 90 
Other1,186 2,050 
Total$61,349 $52,417 

The Company invests in low income housing tax credit ("LIHTC") partnerships. As of December 31, 2025 and 2024, the Company had total commitments to fund LIHTC partnerships of $80.0 million and $63.5 million, respectively.

The Company accounts for its investments in LIHTC partnerships using the proportional amortization method, and these investments are reported in investments in unconsolidated entities in the Company's consolidated balance sheets.

Unfunded commitments related to the LIHTC partnerships totaled $25.9 million and $19.1 million, respectively, as of December 31, 2025 and 2024. These amounts were included in other liabilities in the Company's consolidated balance sheets.
The following table presents the expected payments for unfunded commitments related to LIHTC and other partnership investments as of December 31, 2025. The table includes expected funding for the next five succeeding fiscal years, and all years thereafter.

(Dollars in thousands)LIHTCOther
Year Ending December 31:PartnershipsPartnershipsTotal
2026$12,315 $553 $12,868 
20272,668 — 2,668 
20285,483 — 5,483 
20294,921 — 4,921 
2030141 — 141 
Thereafter394 — 394 
Total unfunded commitments$25,922 $553 $26,475 

The following table presents amortization expense and tax credits recognized associated with our investments in LIHTC partnerships for the periods presented:

Year Ended December 31,
(Dollars in thousands)202520242023
Proportional amortization method:
Amortization expense recognized in income tax expense$6,701 $4,794 $3,101 
Federal and state tax credits recognized in income tax expense$7,826 $5,632 $3,400 

As of December 31, 2025, the Company had an unfunded commitment of $0.6 million related to its investment in the JAM FINTOP Banktech Fund L.P., which is expected to be paid in 2026. The unfunded commitment is included in other liabilities in the Company's consolidated balance sheets.

In 2025, the Company received a distribution of proceeds from the sale of one of JAM FINTOP's portfolio companies of $0.9 million. The proceeds were treated as a return on capital and applied against the cost basis of the investment in JAM FINTOP.

During the third quarter of 2023, the Company entered into a transaction with Swell Financial, Inc. ("Swell") whereby Swell repurchased the Company’s entire preferred and common stock equity investment in exchange for $0.5 million in cash and certain intangible assets. The intangible assets totaling $1.5 million are included in other assets in the Company's consolidated balance sheet at December 31, 2023. During the fourth quarter of 2024, the Company performed an impairment analysis and determined that the carrying value of the intangible assets would not be recoverable. As a result, the Company recorded impairment of $1.3 million on the intangible assets. The carrying value of the intangible assets was zero as of December 31, 2025 and 2024.