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Qualified Affordable Housing | 3 Months Ended
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Mar. 31, 2020
Investments in Affordable Housing Projects [Abstract] |
QUALIFIED AFFORDABLE HOUSING | QUALIFIED AFFORDABLE HOUSING As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in Low Income Housing projects. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. We use the cost method to account for these partnerships. Our total investment in qualified affordable housing projects was $6.4 million at March 31, 2020 and $4.8 million at December 31, 2019. Amortization expense, included in other noninterest expense in the Consolidated Statements of Comprehensive Income, was $0.6 million for the three months ended March 31, 2020 and $0.7 million for the three months ended March 31, 2019. The amortization expense was offset by tax credits of $0.6 million for the three months ended March 31, 2020 and $0.7 million for the three months ended March 31, 2019 as a reduction to our federal tax provision. On September 11, 2019, we entered into a new qualified affordable housing project and committed to an investment of $10.2 million. As of March 31, 2020, we have invested $3.6 million in this new project. No amortization expense or tax credits will be recognized for this new project until complete, which we expect to be later in 2020.

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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -URI http://asc.fasb.org/topic&trid=2209208 + Details
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