Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2020

Tax Credit Investments

Summary of investments in qualified affordable housing projects and other tax credit investments

The following table presents the Company’s investments in qualified affordable housing projects and other tax credit investments at March 31, 2020 and December 31, 2019:

		March 31, 2020				December 31, 2019
Investment	Accounting Method		Investment		Unfunded Commitment (1)		Investment		Unfunded Commitment
Low Income Housing Tax Credit (LIHTC)	Proportional Amortization	$	2,077	$	—	$	2,148	$	—
Federal Historic Tax Credit (FHTC)	Equity		1,924		2,895		2,262		3,395
Total		$	4,001	$	2,895	$	4,410	$	3,395

(1) All commitments are expected to be paid by the Company by March 31, 2021.

Schedule of amortization expense and tax benefit for qualified affordable housing projects and other tax credit investments

The following table presents the amortization expense and tax benefit recognized for the Company’s qualified affordable housing projects and other tax credit investments for the three months ended March 31, 2020 and 2019:

	Three Months Ended
	March 31,
	2020		2019
Amortization Expense (1)
LIHTC	$	71	$	72
FHTC		85		177
Total	$	156	$	249
Tax Benefit Recognized (2)
LIHTC	$	(83)	$	(83)
FHTC		(170)		(214)
Total	$	(253)	$	(297)

(1) The amortization expense for the LIHTC investments are included in income tax expense. The amortization for the FHTC tax credits are included in noninterest expense.

All of the tax benefits recognized are included in income tax expense. The tax benefit recognized for the FHTC investments primarily reflects the tax credits generated from the investments, and excludes the net tax expense/benefit of the investments’ income/loss.