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LOW-INCOME HOUSING TAX CREDIT INVESTMENT
3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, total unfunded commitments related to LIHTC investments totaled $4.6 million and $4.9 million, respectively. As of March 31, 2024 and December 31, 2023, the total balance of all LIHTC investments was $3.2 million and $3.1 million, respectively. These balances are reflected in the Other assets line item of the Condensed 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 Condensed Consolidated Statements of Income. During the three months ended March 31, 2024 and 2023, the Company recognized amortization expense of $0.2 million and $0.1 million, respectively.
Additionally, during the three months ended March 31, 2024 and 2023, the Company recognized $0.2 million and $0.1 million of tax credits and other benefits from the LIHTC investment, respectively. During the three months ended March 31, 2024 and 2023, the Company did not incur any impairment losses.