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Investments in Qualified Affordable Housing Projects | 12 Months Ended
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Dec. 31, 2023
Investments in Qualified Affordable Housing Projects |
Investments in Qualified Affordable Housing Projects | ​ ​ Note 30—Investments in Qualified Affordable Housing Projects The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. The tax credits and the operating loss tax benefits that are generated by each of the properties are expected to exceed the total value of the investment made by the Company. For the year ended December 31, 2023, tax credits and other tax benefits of $16.4 million and amortization of $9.6 million were recorded. For the year ended December 31, 2022, the Company recorded tax credits and other tax benefits of $16.1 million and amortization of $9.7 million. At December 31, 2023 and 2022, the Company’s carrying value of QAHPs was $101.8 million and $100.0 million, respectively, with an original investment of $170.7 million and $159.2 million respectively. The Company had $12.5 million and $7.1 million in remaining funding obligations related to these QAHPs recorded in Other Liabilities on the Consolidated Balance Sheets at December 31, 2023 and 2022, respectively. None of the original investment will be repaid. The investment in QAHPs was accounted for using the equity method. Effective January 1, 2024, the Company has elected to adopt ASU No. 2023-02 and apply the proportional amortization method for its low-income housing tax credits and will apply the changes to the accounting treatment under the modified retrospective transition method. See Recent Accounting and Regulatory Pronouncements under Note 1—Summary of Significant Accounting Policies for additional information regarding ASU No. 2023-02.

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