LOW INCOME HOUSING PROJECT INVESTMENTS Low Income Housing Project Investments

12 Months Ended

Dec. 31, 2024

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:

	2024		2023		2022
	(Dollars in thousands)
Original investment value	$	275,085	$	229,015	$	197,124
Current recorded investment	184,373		156,984		139,454
Unfunded liability obligation	71,748		58,731		57,913
Tax credits and benefits earned during the year	23,185		18,101		17,011
Amortization of investments during the year	18,676		14,360		13,647
Net income tax benefit recognized during the year	4,509		3,740		3,364