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LOW-INCOME HOUSING TAX CREDIT INVESTMENT
12 Months Ended
Dec. 31, 2020
Investments in Affordable Housing Projects [Abstract]  
Low Income Housing Tax Credit Investment [Text Block]

NOTE 20 – LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

On December 19, 2019, the Company invested in a low-income housing tax credit ("LIHTC") investment. As of December 31, 2020 and 2019, the balance of the investment for LIHTC was $1.1 million and $0.9 million. These balances are reflected in the Other assets line item of the Consolidated Balance Sheets. Total unfunded commitments related to the investment in the LIHTC total $2.2 million and $2.5 million as of December 31, 2020 and 2019. The Company expects to fulfill these commitments during the year ending 2021.

The Company uses the proportional amortization method to account for this investment. During the year ended December 31, 2020, the Company recognized amortization expense of $0.2 million, which was included within the Income tax expense line item of the Consolidated Statements of Income. The Company did not recognize any amortization expense in the year ended December 31, 2019.

Additionally, during the year ended December 31, 2020, the Company recognized tax credits and other benefits from this investment in the LIHTC of $0.1 million. The Company did not recognize any tax credits or other benefits from this investment in the year end December 31, 2019. During the years ending December 31, 2020 and 2019, the Company did not incur any impairment losses.