Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Amount of Off-balance Sheet Instruments

The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated.

(in thousands)	March 31, 2024		December 31, 2023
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	4,075,892	$	4,305,483
Letters of credit	66,587		61,808

Schedule of Tax Credit and Certain Equity Method Investments

The following table summarizes, as of the dates indicated, tax credit and certain equity method investments:

(in thousands)	Balance Sheet Location	March 31, 2024		December 31, 2023
Investments in LIHTC:
Carrying amount	Other assets	$	57,728	$	48,867
Amount of future funding commitments included in carrying amount	Other liabilities	22,178		14,176
Lending exposure	Loans and leases held for investment	11,691		803
Renewable energy investments:
Carrying amount	Other assets	4,594		18,631
Amount of future funding commitments (1)	N/A	14,406		14,406
Fintech funds and certain other equity method investments:
Carrying amount	Other assets	34,401		33,720
Amount of future funding commitments not included in carrying amount	N/A	28,313		25,008

(1) Starting in 2024, United no longer records future funding commitments related to its renewable energy investments on the balance sheet. Prior to 2024, these commitments were included in other liabilities.

The following table presents a summary of tax credits and amortization expense associated with the United’s tax credit investment activity. Activity related to renewable energy investments was not material to the financials for the period presented.

(dollars in thousands)	Income Statement Location	Three Months Ended March 31, 2024
Investments in LIHTC:
Income tax credits and other income tax benefits	Income tax expense	$	(1,996)
Amortization expense	Income tax expense	1,831