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Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Carrying amounts of consolidated VIEs' assets and liabilities

The following table summarizes the carrying amounts of the consolidated VIEs’ assets and liabilities included in the Company’s statements of financial condition and are adjusted for intercompany eliminations. All assets presented can be used only to settle obligations of the consolidated VIEs and all liabilities presented consist of liabilities for which creditors and other beneficial interest holders therein have no recourse to the general credit of the Company.


(Dollars in thousands)	September 30, 2023		December 31, 2022
Assets
Loans receivable	$	125,765	134,603
Accrued interest receivable	629		370
Other assets	50,456		48,136
Total assets	$	176,850	183,109
Liabilities
Other borrowed funds	$	48,134	49,089
Accrued interest payable	457		274
Other liabilities	49		179
Total liabilities	$	48,640	49,542

Future unfunded contingent commitments

Future unfunded contingent equity commitments related to the Company’s LIHTC investments at September 30, 2023 are as follows:


(Dollars in thousands)	Amount
Years ending December 31,
2023	$	11,216
2024	51,305
2025	29,097
2026	10,019
2027	351
Thereafter	2,452
Total	$	104,440

Amortization expense and tax credits and other tax benefits recognized for qualified affordable housing project investments

The following table summarizes the amortization expense and the amount of tax credits and other tax benefits recognized for qualified affordable housing project investments during the periods presented.


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2023		September 30, 2022	September 30, 2023	September 30, 2022
Amortization expense	$	3,728	3,009	11,636	8,999
Tax credits and other tax benefits recognized	4,981		4,009	15,552	11,986

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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