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Other Assets
12 Months Ended
Dec. 31, 2021
Other Assets [Abstract]  
Other Assets

Note 7. Other Assets

 

Significant balances included in Other Assets in the Consolidated Balance Sheets at December 31, 2021 and 2020 are presented below.

 

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Income tax receivable

$

 

128,092

 

 

 

101,301

 

Derivative assets

 

 

75,867

 

 

$

150,180

 

Derivative collateral

 

 

66,207

 

 

 

90,311

 

FHLB stock

 

 

52,743

 

 

 

104,708

 

Investments in Small Business Investment Companies and other

 

 

46,500

 

 

 

42,475

 

Investments in Low Income Housing Tax Credit entities

 

 

36,297

 

 

 

37,464

 

Other

 

 

42,032

 

 

 

41,891

 

Total

 

$

447,738

 

 

$

568,330

 

 

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.  The tax credits, when realized, will be reflected in the consolidated statements of income as a reduction of income tax expense. Excluding accumulated amortization, the Company’s investments in affordable housing limited partnerships totaled $37.5 million at both December 31, 2021 and 2020.