Note 21 - Tax Credit Investments

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Investment Program, Proportional Amortization Method, Elected [Text Block]

NOTE 21 Tax Credit Investments

The Company invests in qualified affordable housing projects for the purpose of community reinvestment and obtaining tax credits. The Company’s tax credit investments are limited to existing lending relationships with well-known developers and projects within the Company’s market area.

The following table presents a summary of the Company’s investments in qualified affordable housing projects tax credit investments for the periods presented:

		December 31, 2024				December 31, 2023
(dollars in thousands)		Investment		Unfunded Commitment		Investment		Unfunded Commitment
Investment	Accounting Method
Low income housing tax credit	Proportional amortization	$	17,906	$	3,968	$	17,906	$	12,347

The following table presents a summary of the amortization expense and tax benefit recognized for the Company’s qualified affordable housing projects for the periods presented:

	Year ended December 31,
	2024					2023
	Amortization		Tax Benefit			Amortization		Tax Benefit
(dollars in thousands)	Expense (1)		Recognized (2)			Expense (1)		Recognized (2)
Low income housing tax credit	$	1,728	$	(1,442	)	$	1,130	$	(1,418	)

⁽¹⁾ The amortization expense for low income housing tax credits were included in income tax expense.

⁽²⁾ All of the tax benefits recognized were included in income tax expense.