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LIHTC INVESTMENTS

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

LIHTC INVESTMENTS

LIHTC INVESTMENTS:

The Company has LIHTC investments that are designed to promote qualified affordable housing programs and generate a return primarily through the realization of federal tax credits. The Company accounts for these investments by amortizing the cost of tax credit investments over the life of the investment using a proportional amortization method. The current balance of these investments, which are included in other assets in the consolidated balance sheets, was $35.9 million and $37.3 million as of March 31, 2025 and December 31, 2024, respectively.

The following table presents other information related to the Company’s LIHTC investments for the periods indicated:

			Quarter Ended March 31,
(in thousands)			2025						2024
Tax credits and other tax benefits recognized			$	1,697					$	1,668
LIHTC amortization expense			1,405						1,367

X

- Definition

The entire disclosure of investment that generates income tax credit and other income tax benefit under tax credit program elected to be accounted for using proportional amortization method. Includes, but is not limited to, investment under tax credit program not meeting condition for accounting under proportional amortization method.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-1A

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X

- References

No definition available.

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