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Note 22 - Qualified Affordable Housing Project Investments
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Affordable Housing Program [Text Block]

NOTE 22 - QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

 

The Company began investing in qualified housing projects in 2016. At June 30, 2022 and December 31, 2021, the balance of the investment for qualified affordable housing projects was $6.1 million and $6.6 million, respectively. This balance is reflected in the accrued interest and other assets line on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified housing projects totaled $823,000 and $826,000 at June 30, 2022 and December 31, 2021, respectively. The Company expects to fulfill these commitments between 2022 and 2029.

 

For the three months ended June 30, 2022 and 2021, the Company recognized amortization expense of $255,000 and $259,000, respectively, which was included within income tax expense on the consolidated statements of income. For the six months ended  June 30, 2022 and 2021, the Company recognized amortization expense of $510,000 and $519,000, respectively, which was included within income tax expense on the consolidated statements of income.