Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [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 the dates indicated:

	June 30 2020			December 31 2019
	(Dollars in thousands)
Original investment value	$	124,212		$	96,275
Current recorded investment	95,958			72,510
Unfunded liability obligation	48,896			34,967
Tax credits and benefits	11,033		(1)	7,342
Amortization of investments	9,076		(2)	5,645
Net income tax benefit	1,957		(3)	1,696

(1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2020.

(2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2020.

(3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2020 in determining the Company's effective tax rate.