Qualified affordable housing project investments

3 Months Ended

Mar. 31, 2024

Investments in Affordable Housing Projects [Abstract]

Qualified Affordable Housing Project Investments

Qualified affordable housing project investments:

The Company invests in qualified affordable housing projects. At March 31, 2024 and December 31, 2023, the balance of the investment for qualified affordable housing projects was $17.5 million and $17.9 million, respectively. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $11.2 million and $12.3 million at March 31, 2024 and December 31, 2023. The Company expects to fulfill these commitments during the year ending 2037.

In the first quarter ended March 31, 2024 and March 31, 2023, the Company recognized amortization expense of $406 thousand and $417 thousand, respectively, which was included within income tax expense on the consolidated statements of income.

Additionally, during the first quarters ended March 31, 2024 and March 31, 2023, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $501 thousand and $542 thousand, respectively. During the quarters ended March 31, 2024 and March 31, 2023, the Company did not incur impairment losses related to its investment in affordable housing tax credits