Qualified Affordable Housing

12 Months Ended

Dec. 31, 2015

Investments in Affordable Housing Projects [Abstract]

Qualified Affordable Housing Program

QUALIFIED AFFORDABLE HOUSING

We invest in affordable housing projects primarily to satisfy our Community Reinvestment Act requirements. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. We use the cost method to account for these partnerships. Our total investment in qualified affordable housing projects was $15.0 million at December 31, 2015 and $18.6 million at December 31, 2014. We had no open commitments to fund current or future investments in qualified affordable housing projects at December 31, 2015 or December 31, 2014. Amortization expense, included in other noninterest expense in the Consolidated Statements of Net Income, was $3.6 million for December 31, 2015 and $4.1 million for both December 31, 2014 and 2013. Amortization expense was offset by tax credits of $4.0 million for December 31, 2015 and $4.3 million for both December 31, 2014 and 2013, as a reduction to our federal tax provision.