Other Assets Other Assets (Notes)

12 Months Ended

Dec. 31, 2019

OTHER ASSETS

The following table presents the detail of our other assets as of the dates indicated:



	December 31,
Other Assets	2019		2018
	(In thousands)
Cash surrender value of BOLI	$	199,029	$	194,897
Operating lease ROU assets, net	129,301		—
Interest receivable	81,479		88,754
LIHTC investments	75,149		59,507
CRA investments ⁽¹⁾	65,152		59,062
Taxes receivable	31,591		39,096
Prepaid expenses	17,099		18,006
Equity investments without readily determinable fair values	14,890		14,758
Equity warrants	3,434		4,793
Equity investments with readily determinable fair values	2,998		4,891
Deferred tax asset, net	—		17,489
Other receivables/assets	16,689		39,132
Total other assets	$	636,811	$	540,385

________________________


(1)	Includes equity investments without readily determinable fair values of $17.8 million and $12.5 million at December 31, 2019 and 2018.

The Company has purchased life insurance policies on certain employees and has also acquired life insurance policies through acquisitions. BOLI is recorded at the amount that can be realized under the insurance contract, which is the cash surrender value. The increase in the cash surrender value each period and the receipt of death benefit proceeds in excess of the cash surrender value are recorded to "Noninterest income - other."

The increase in the ROU assets, net in 2019 was due to the adoption of ASU 2016-02 effective January 1, 2019. See Note 10. Leases for further details.

The Company makes various investments for CRA investment purposes including, but not limited to, CRA-related loan pool investments, CRA-related equity investments, and investments in LIHTC partnerships. The loan pool and other CRA equity investments primarily consist of investments in partnerships which provide affordable housing and participations in loan pools which provide low-cost loans to low and moderate income applicants.

The Company invests as a limited partner in LIHTC partnerships that operate qualified affordable housing projects and generate tax benefits for investors, including federal low income housing tax credits. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights; however, we are not the primary beneficiary of the VIEs and do not consolidate them. We amortize the investment in proportion to the allocated tax benefits using the proportional amortization method of accounting and record such benefits net of investment amortization in income tax expense.

The Company's equity investments without readily determinable fair values include investments in privately held companies and limited partnerships as well as investments in entities from which we issued trust preferred securities. On January 1, 2018, we adopted ASU 2016-01 and ASU 2018-03 which changed the way we account for equity investments without readily determinable fair values previously accounted for using the cost method. Upon adoption, we elected to measure our equity investments without readily determinable fair values using the measurement alternative. Carrying values of these investments are adjusted to fair value upon observable transactions for identical or similar investments of the same issuer. Beginning January 1, 2018, unrealized and realized gains and losses on equity investments without readily determinable fair values are recorded in "Noninterest income - other."

During the year ended December 31, 2019, we recorded impairment of $764,000 in the aggregate on eight of our CRA equity investments without readily determinable fair values. On a cumulative basis since January 1, 2018 and through December 31, 2019, we recorded impairments of $1.0 million and upward adjustments of $286,000 to our equity investments without readily determinable fair values.

The Company's equity investments with readily determinable fair values include investments in public companies, often from the exercise of warrants, and publicly-traded mutual funds. Beginning January 1, 2018, unrealized and realized gains and losses on equity investments with readily determinable fair values are recorded in "Noninterest income - other."