Tax Credit Investments

12 Months Ended

Dec. 31, 2022

Tax Credit Investments.

Tax Credit Investments

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 at December 31, 2022:

		December 31, 2022				December 31, 2021
(dollars in thousands)		Investment		Unfunded Commitment		Investment		Unfunded Commitment
Investment	Accounting Method
Low income housing tax credit	Proportional amortization	$	17,906	$	15,559	$	7,906	$	6,999
Total		$	17,906	$	15,559	$	7,906	$	6,999

For the year ended December 31, 2022, we had $264 thousand of amortization expense and $373 thousand of tax benefit recognized for the Company’s qualified affordable housing projects tax credit investments. For the year ended December 31, 2021, we had no amortization expense and $8 thousand of tax benefit recognized for the Company’s qualified affordable housing projects tax credit investments.