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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

14. INCOME TAXES

 

The company invests in low income housing tax credit and solar tax funds that are designed to 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 and tax credit investment amortization expense is a component of the provision for income taxes.

 

The following table presents the balances of the Company's tax credit investments and related unfunded commitments at March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

 

December 31, 2024

 

 

(Dollars in thousands)

 

Tax credit investments

 

$

79,424

 

 

$

57,264

 

Unfunded commitments - tax credit investments

 

$

71,797

 

 

$

45,809

 

 

The following table presents other information related to the Company's tax credit investments as of March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

 

December 31, 2024

 

 

(Dollars in thousands)

 

Tax credits and other tax benefits recognized

 

$

37,725

 

 

$

21,257

 

Tax credit amortization expense included in provision for income taxes

 

$

33,451

 

 

$

17,421