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Other Assets
12 Months Ended
Dec. 31, 2024
Other Assets [Abstract]  
Other Assets

Note 7. Other Assets

 

Significant balances included in Other Assets in the Consolidated Balance Sheets at December 31, 2024 and 2023 are presented below.

 

 

December 31,

 

($ in thousands)

2024

 

 

2023

 

Derivative assets

$

73,840

 

 

$

90,712

 

Derivative collateral

 

64,260

 

 

 

96,176

 

Investments in small business investment and other companies

 

61,952

 

 

 

60,686

 

Investments in low income housing tax credit entities

 

25,577

 

 

 

29,583

 

Income tax receivable

 

19,207

 

 

 

57,761

 

FHLB stock

 

11,958

 

 

 

138,994

 

Other

 

43,947

 

 

 

42,972

 

Total

$

300,741

 

 

$

516,884

 

 

The Company invests in certain affordable housing project limited partnerships that are qualified low-income housing tax credit developments. These investments are considered variable interest entities for which the Company is not the primary beneficiary and, therefore, are not consolidated. These partnerships generate low-income tax credits that are earned over a 10-year period, beginning with the year the rental activity begins. The Company has elected to use the practical expedient method of amortization, which approximates the proportional amortization method, whereby the investment cost is amortized in proportion to the allocated tax credits over the 10 year tax credit period. Additionally, the Company recognizes deferred taxes on the basis difference of the tax equity investment to reflect the financial impact of other tax benefits (e.g., tax operating losses) not included in the practical expedient amortization. The tax credits, when realized, are reflected in the consolidated statements of income as a reduction of income tax expense. The Company’s investments in affordable housing limited partnerships totaled $37.5 million and $37.8 million at December 31, 2024 and 2023, respectively, with a carry balance net of accumulated amortization included in the other assets line item on our Consolidated Balance Sheets totaling $25.6 million and $29.6 million, respectively, for those same periods. The net impact of the low-income housing tax credit program was not material to our Consolidated Statements of Income or Cash Flows for the years ended December 31, 2024 and 2023.