INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

13. INCOME TAXES

There were no unrecognized tax benefits as of June 30, 2022. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2018 through 2021 tax years are subject to examination as of June 30, 2022. The Company does not expect to record or realize any material unrecognized tax benefits during 2022.

The amortization of the low-income housing credit investments has been reflected as income tax expense of $1.2 million and $0.9 million for the three months ended June 30, 2022 and 2021, respectively, and $2.4 million and $1.8 million of such amortization has been reflected as income tax expense for the six months ended June 30, 2022 and 2021, respectively.

The amount of affordable housing tax credits, amortization, and tax benefits recorded as income tax expense for the six months ended June 30, 2022 were $2.1 million, $2.4 million and $0.6 million, respectively. The carrying value of the investment in affordable housing credits is $37.2 million at June 30, 2022, compared to $39.6 million at December 31, 2021.