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LOW-INCOME HOUSING TAX CREDIT INVESTMENTS
12 Months Ended
Dec. 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. On June 26, 2023, the Company entered into two additional LIHTC investments for $3.0 million per investment. As of December 31, 2023, total unfunded commitments related to LIHTC investments totaled $4.9 million. As of December 31, 2022, there were no unfunded commitments related to LIHTC investments. As of December 31, 2023 and December 31, 2022, the total balance of all LIHTC investments was $3.1 million and $2.4 million, respectively. These balances are reflected in the Other assets line item of the Consolidated Balance Sheets.
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 Consolidated Statements of Income. During the years ended December 31, 2023 and 2022, the Company recognized amortization expense of $0.5 million and $0.4 million, respectively.
Additionally, during the years ended December 31, 2023 and 2022, the Company recognized $0.4 million of tax credits and other benefits from the LIHTC investment. During the years ending December 31, 2023 and 2022, the Company did not incur any impairment losses.