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Qualified Affordable Housing Project Investments
12 Months Ended
Dec. 31, 2024
Federal Home Loan Banks [Abstract]  
Qualified Affordable Housing Project Investments

NOTE 23 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

The Company invests in qualified affordable housing projects. At December 31, 2024 and 2023, the balance of the Company’s investments in qualified affordable housing projects was $15,850 and $15,122, respectively. These balances are reflected in the Other assets line on the Consolidated Balance Sheet. The unfunded commitments related to the investments in qualified affordable housing projects totaled $5,668 and $5,722 at December 31, 2024 and 2023, respectively. These balances are reflected in the Accrued expenses and other liabilities line on the Consolidated Balance Sheet.

During the years ended December 31, 2024, 2023 and 2022, the Company recognized amortization expense with respect to its investments in qualified affordable housing projects of $1,273, $1,035 and $1,086, respectively, which was included within pre-tax income on the Consolidated Statements of Operations.

Additionally, during the years ended December 31, 2024, 2023 and 2022, the Company recognized tax credits and other benefits from its investments in affordable housing tax credits of $1,562, $1,655 and $1,391, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company did not incur impairment losses related to its investment in qualified affordable housing projects.