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LOW-INCOME HOUSING TAX CREDIT INVESTMENT
3 Months Ended
Mar. 31, 2023
Investments in Affordable Housing Projects [Abstract]  
LOW-INCOME HOUSING TAX CREDIT INVESTMENTS LOW-INCOME HOUSING TAX CREDIT INVESTMENTS
On December 19, 2019, the Company invested in a low-income housing tax credit ("LIHTC") investment. As of March 31, 2023 and December 31, 2022, the balance of the LIHTC investment was $2.3 million and $2.4 million, respectively. These balances are reflected in the Other assets line item of the Condensed Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, there were no unfunded commitments related to the LIHTC investment.
The Company uses the proportional amortization method to account for this investment. Amortization expense is included within the Income tax expense line item of the Condensed Consolidated Statements of Income. During the three months ended March 31, 2023 and 2022, the Company recognized amortization expense of $0.1 million.
Additionally, during the three months ended March 31, 2023 and 2022, the Company recognized $0.1 million of tax credits and other benefits from the LIHTC investment. During the three months ended March 31, 2023 and 2022, the Company did not incur any impairment losses.