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Tax Credit Equity Investments | 3 Months Ended
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Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
TAX CREDIT EQUITY INVESTMENTS | TAX CREDIT EQUITY INVESTMENTS As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in LIHTC and HTC partnerships. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. Effective January 1, 2024, we adopted ASU 2023-02 and elected to apply the PAM to both LIHTC and HTC equity investments. The adoption of this ASU resulted in a $1.0 million cumulative effect adjustment, which decreased retained earnings and other assets. Tax credit equity investment balances of $44.4 million were included in other assets in the Consolidated Balance Sheets at March 31, 2024. Unfunded commitments of $7.2 million were included in other liabilities in the Consolidated Balance Sheets at March 31, 2024. For the three months ended March 31, 2024, amortization expense of $0.8 million, tax credits of $0.8 million and other tax benefits of $0.1 million were recognized in income tax expense in the Condensed Consolidated Statements of Comprehensive Income. No impairment losses were recognized for the three months ended March 31, 2024. Prior to the adoption of ASU 2023-02, we used the cost method to account for our investments in tax credit equity investments. For the three months ended March 31, 2023, amortization expense of $0.5 million was included in other expense and LIH tax credits of $0.5 million was recognized as a reduction to income tax expense on our Consolidated Statements of Comprehensive Income. Other tax benefits of $3.1 million were included in deferred tax assets on our Consolidated Balance Sheets at March 31, 2023.

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