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Investments in Qualified Affordable Housing Projects
 12 Months Ended
Dec. 31, 2024
Investments in Qualified Affordable Housing Projects  
Investments in Qualified Affordable Housing Projects

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Note 29—Investments in Qualified Affordable Housing Projects

The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low-income housing tax credits (“LIHTC”) and operating loss benefits over an extended period. Effective January 1, 2024, the Company adopted ASU No. 2023-02 and began to apply the proportional amortization method of accounting for its QAHPs. Prior to the adoption of ASU No. 2023-02, the Company applied the equity method of accounting for its QAHPs. For the year ended December 31, 2024, the Company recorded $15.5 million in tax credits and other tax benefits and $14.4 million of amortization attributable to the QAHPs within Provision for Income Taxes on its Consolidated Statement of Income. For the year ended December 31, 2023, the Company recorded $16.4 million in tax credits and other tax benefits within Provision for Income Taxes and amortization of $9.6 million attributable to the QAHPs within Other Noninterest Expense on its Consolidated Statement of Income. At December 31, 2024 and 2023, the Company’s carrying value of QAHPs was $78.0 million and $101.8 million, respectively, recorded in Other Assets on the Consolidated Balance Sheet. The Company had $9.8 million and $12.5 million in remaining funding obligations related to these QAHPs recorded in Other Liabilities on the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively. For the remaining funding obligations at December 31, 2024, approximately 88% are expected to be funded by 2026. For more information on the adoption of ASU 2023-02, refer to Recent Accounting and Regulatory Pronouncements under Note 1—Summary of Significant Accounting Policies.