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Note 15 - Tax Credit Investments

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

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

NOTE 15 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 project tax credits as of June 30, 2025 and December 31, 2024:

			*June 30, 2025*								*December 31, 2024*
(dollars in thousands)			*Investment*				*Unfunded Commitment*				*Investment*				*Unfunded Commitment*
Investment	*Accounting Method*
Low income housing tax credit	Proportional amortization		$	22,906			$	6,907			$	17,906			$	3,968

The following table presents a summary of the amortization expense and tax benefit recognized for the Company’s qualified affordable housing projects for the three and six months ended June 30, 2025 and 2024:

		*Three months ended June 30,*
		*2025*								*2024*
		*Amortization*				*Tax Benefit*				*Amortization*				*Tax Benefit*
(dollars in thousands)		Expense ⁽¹⁾				Recognized ⁽²⁾				Expense⁽¹⁾				Recognized⁽²⁾
Low income housing tax credit		$	455			$	(673	)		$	432			$	(370	)

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

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

		*Six months ended June 30,*
		*2025*								*2024*
		*Amortization*				*Tax Benefit*				*Amortization*				*Tax Benefit*
(dollars in thousands)		Expense⁽¹⁾				Recognized⁽²⁾				Expense ⁽¹⁾				Recognized ⁽²⁾
Low income housing tax credit		$	914			$	(1,025	)		$	864			$	(751	)

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

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