QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

12 Months Ended

Dec. 31, 2016

QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

NOTE 22: QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

The Company invests in qualified affordable housing projects. At December 31, 2016 and 2015, the balance of the investment for qualified affordable housing projects was $6.36 million and $5.69 million. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $3.68 million and $6.01 million at December 31, 2016 and 2015. The Company expects to fulfill these commitments during the year ending 2018.

During the years ended December 31, 2016, 2015 and 2014, the Company recognized amortization expense of $1.66 million, $1.10 million and $1.26 million, respectively, which was included within income tax expense on the consolidated statements of income.

Additionally, during the years ended December 31, 2016, 2015 and 2014, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $3.04 million, $2.26 million and $2.53 million, respectively. The Company incurred no impairment losses during 2016, 2015 and 2014.