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LOW-INCOME HOUSING TAX CREDIT INVESTMENT
3 Months Ended
Mar. 31, 2025
Investments in Affordable Housing Projects [Abstract]  
LOW-INCOME HOUSING TAX CREDIT INVESTMENTS LOW-INCOME HOUSING TAX CREDIT INVESTMENTS
The Company periodically invests in low-income housing tax credit ("LIHTC") investments. On June 26, 2023, the Company entered into two LIHTC investments for $3.0 million per investment. As of March 31, 2025 and December 31, 2024, total unfunded commitments related to LIHTC investments totaled $3.4 million and $4.1 million, respectively. As of March 31, 2025 and December 31, 2024, the total balance of all LIHTC investments was $3.6 million and $3.1 million. 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, 2025 and 2024, the Company recognized amortization expense of $0.2 million and $0.2 million, respectively.
Additionally, during the three months ended March 31, 2025 and 2024, the Company recognized $0.2 million and $0.2 million of tax credits and other benefits from the LIHTC investment, respectively. During the three months ended March 31, 2025 and 2024, the Company did not incur any impairment losses.