XML 46 R28.htm IDEA: XBRL DOCUMENT v3.25.0.1
LOW-INCOME HOUSING TAX CREDIT INVESTMENTS
12 Months Ended
Dec. 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 LIHTC investments for $3.0 million per investment. As of December 31, 2024 and 2023, total unfunded commitments related to LIHTC investments totaled $4.1 million and $4.9 million, respectively. As of December 31, 2024 and 2023, the total balance of all LIHTC investments was $3.1 million and $3.1 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 these investments. Amortization expense is included within the Income tax expense line item of the Consolidated Statements of Income. During the years ended December 31, 2024 and 2023, the Company recognized amortization expense of $0.8 million and $0.5 million, respectively.
Additionally, during the years ended December 31, 2024 and 2023, the Company recognized $0.7 million and $0.4 million, respectively, of tax credits and other benefits from the LIHTC investments. During the years ending December 31, 2024 and 2023, the Company did not incur any impairment losses.