Low Income Housing Tax Credits and Other Tax Credit Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments in Affordable Housing Projects [Abstract]

Summary of the Company's Investments in Low Income Housing Projects Accounted for Using the Proportional Amortization Method

The following table presents the Company’s investments in low income housing projects accounted for using the proportional amortization method for the periods indicated:

	As of September 30, 2023		As of December 31, 2022
	(In thousands)
Current recorded investment included in other assets	$	224,445	$	128,765
Commitments to fund qualified affordable housing projects included in recorded investment noted above	159,230		84,145

The following table presents additional information related to the Company’s investments in LIHTC projects for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Tax credits and benefits recognized	$	1,602	$	2,333	$	8,169	$	6,988
Amortization expense included in income tax (benefit) expense	745		1,886		6,322		5,616