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QUALIFIED AFFORDABLE HOUSING INVESTMENTS
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
QUALIFIED AFFORDABLE HOUSING INVESTMENTS
QUALIFIED AFFORDABLE HOUSING INVESTMENTS

The Corporation has investments in various limited partnerships that sponsor affordable housing projects. The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits and to assist the Corporation in achieving goals associated with the Community Reinvestment Act. These investments are included in other assets on the Consolidated Condensed Balance Sheets, with any unfunded commitments included in other liabilities. The investments are amortized as a component of income tax expense.

The following table summarizes the Corporation’s affordable housing investments as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Investment TypeInvestmentUnfunded CommitmentInvestmentUnfunded Commitment
LIHTC$163,663 $120,013 $167,685 $132,226 

The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
Amortization expense$4,021 $1,696 
Tax credits recognized4,922 1,644