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

3 Months Ended

Mar. 31, 2022

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:

	March 31 2022			December 31 2021
	(Dollars in thousands)
Original investment value	$	178,763		$	179,481
Current recorded investment	131,034			135,497
Unfunded liability obligation	66,213			73,336
Tax credits and benefits	18,838		(1)	14,198
Amortization of investments	15,249		(1)	11,892
Net income tax benefit	3,589		(1)	2,306

(1)Amounts shown represent the estimated full year impact for the year ended December 31, 2022.