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Investment in Affordable Housing Projects
12 Months Ended
Dec. 31, 2023
Federal Home Loan Banks [Abstract]  
Investment in Affordable Housing Projects

Note 26 – Investment in Affordable Housing Projects

The Company acquired as a result of the Merger certain limited partnership investments in affordable housing projects located in the Commonwealth of Virginia. These partnerships exist to develop and preserve affordable housing for low income families through residential rental property projects. The Company exerts no control over the operating or financial policies of the partnerships. Return on these investments is through receipt of tax credits and other tax benefits which are subject to recapture by taxing authorities based on compliance features at the project level. The investments are due to expire by 2036. The Company accounts for the affordable housing investments using the equity method and has recorded $2.4 million in other assets at December 31, 2023. There are currently no unfunded capital commitments. The related federal tax credits for the year ended December 31, 2023 were $405 thousand, and were included in income tax expense in the Consolidated Statements of Income. There were $151 thousand in flow-through losses recognized by the Company during the year ended December 31, 2023 that were included in noninterest income.