Qualified Affordable Housing Project Investments

3 Months Ended

Mar. 31, 2025

Qualified Affordable Housing Project Investments

Qualified Affordable Housing Project Investments

5.    Qualified Affordable Housing Project Investments

The Corporation invests in qualified affordable housing projects. The balance of investment for qualified housing projects was $26.4 million at March 31, 2025 and $27.2 million at December 31, 2024. These balances are reflected in the other assets line on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $15.0 million at March 31, 2025 and $17.7 million at December 31, 2024. The Corporation expects to fulfill these commitments by the end of December 31, 2037.

The Corporation recognized amortization expense of $16 thousand during the three months ended March 31, 2025, and $195 thousand during the three months ended March 31, 2024, which was included within other noninterest expense on the consolidated statements of income. The Corporation recognized amortization expense of $720 thousand during the three months ended March 31, 2025, which was included within income tax expense on the consolidated statements of income. Additionally, the Corporation recognized tax credits and other benefits from its investment in affordable housing tax credits of $914 thousand during the three months ended March 31, 2025, and $363 thousand during the three months ended March 31, 2024.