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QUALIFIED AFFORDABLE HOUSING INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
QUALIFIED AFFORDABLE HOUSING INVESTMENTS
QUALIFIED AFFORDABLE HOUSING INVESTMENTS

The Corporation has investments in various limited partnerships that sponsor affordable housing projects. The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits and to assist the Corporation in achieving goals associated with the CRA. These investments are included in other assets on the Consolidated Balance Sheet, with any unfunded commitments included in other liabilities. The investments are amortized as a component of income tax expense. Details of the accounting treatment of the Corporation’s LIHTC investments are included in NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES of these Notes to Consolidated Financial Statements.

The following table summarizes the Corporation’s affordable housing investments as of December 31, 2024 and 2023:
20242023
Investment TypeInvestmentUnfunded Commitment InvestmentUnfunded Commitment
LIHTC$167,685 $132,226 $114,514 $96,408 

The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the years ended December 31, 2024, 2023 and 2022:
202420232022
Amortization expense$12,040 $6,324 $812 
Tax credits recognized11,782 5,327 1,055