LOW INCOME HOUSING PROJECT INVESTMENTS Low Income Housing Project Investments

12 Months Ended

Dec. 31, 2023

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 minimum of 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:

	2023		2022		2021
	(Dollars in thousands)
Original investment value	$	229,015	$	197,124	$	179,481
Current recorded investment	156,984		139,454		135,497
Unfunded liability obligation	58,731		57,913		73,336
Tax credits and benefits earned during the year	18,101		17,011		14,198
Amortization of investments during the year	14,360		13,647		11,892
Net income tax benefit recognized during the year	3,740		3,364		2,306