LOW INCOME HOUSING PROJECT INVESTMENTS Low Income Housing Project Investments

12 Months Ended

Dec. 31, 2019

Low Income Housing Project Investments [Abstract]

Investments in Low Income Housing Projects [Text Block]

LOW INCOME HOUSING PROJECT INVESTMENTS

The Company has invested in low income housing projects that generate Low Income Housing Tax Credits ("LIHTC") which provide the Company with tax credits and operating loss tax benefits over a period of approximately 15 years. None of the original investment is expected to be repaid.

The following table presents certain information related to the Company's investments in low income housing projects as of December 31 of the years presented:

	2019		2018		2017
	(Dollars in thousands)
Original investment value	$	96,275	$	50,232	$	47,399
Current recorded investment	$	72,510	$	33,681	$	35,225
Unfunded liability obligation	$	34,967	$	3,935	$	4,536
Tax credits and benefits earned during the year	$	7,342	$	5,407	$	5,654
Amortization of investments during the year (1)	$	5,645	$	4,377	$	4,402
Net income tax benefit recognized during the year	$	1,696	$	1,030	$	1,253

(1)

The 2017 amount is inclusive of $466,000 related to the revaluation of Low Income Housing tax credit investments as a result of the 2017 Tax Act.