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Note 21 - Qualified Affordable Housing Project Investments
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Affordable Housing Program [Text Block]

NOTE 21 - QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

 

The Company began investing in qualified housing projects in 2016. At September 30, 2023 and December 31, 2022, the balance of the investment for qualified affordable housing projects was $6.7 million and $7.6 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 $2.5 million at September 30, 2023 and $2.6 million at December 31, 2022. The Company expects to fulfill these commitments between 2023 and 2038.

 

For the three months ended September 30, 2023 and 2022, the Company recognized amortization expense of $282,000 and $268,000, respectively, and for the nine months ended September 30, 2023 and 2022, the Company recognized amortization expense of $846,000 and $778,000, respectively. The amortization expense recognized was included within income tax expense on the consolidated statements of income.