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LOW INCOME HOUSING TAX CREDIT AND COMMUNITY REINVESTMENT ACT INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
LOW INCOME HOUSING TAX CREDIT AND COMMUNITY REINVESTMENT ACT INVESTMENTS | LOW INCOME HOUSING TAX CREDIT AND COMMUNITY REINVESTMENT ACT 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 the proportional amortization method. At September 30, 2025 and December 31, 2024, the balance of LIHTC investments, which is included in interest receivable and other assets on the consolidated balance sheets, was $45.4 million and $14.6 million, respectively. Remaining unfunded commitments related to the investments in qualified affordable housing projects totaled $1.1 million as of both September 30, 2025 and December 31, 2024. The Company expects to fulfill these commitments through 2032. The following table presents other information related to the Company’s LIHTC investments for the periods indicated:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Tax credits and other tax benefits recognized | $1,012 |  | $869 |  | $2,669 |  | $2,608
LIHTC amortization expense | 1,294 |  | 858 |  | 2,945 |  | 2,554
The Company also has a portfolio of CRA Investments. The majority of the CRA investments represent investments in small to mid-sized businesses throughout California. At September 30, 2025 and December 31, 2024, the balance of CRA investments, which is included in interest receivable and other assets on the consolidated balance sheets, was $77.9 million and $55.9 million, respectively. The Company recognized dividend income on CRA investments of $2.3 million, $1.6 million, $3.3 million and $2.4 million for the quarter and nine months ended September 30, 2025 and 2024, respectively, which are included within other interest income in the consolidated income statements.

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- 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 + Details
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- References No definition available. + Details
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