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Tax Credit Equity Investments | 6 Months Ended
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Jun. 30, 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 $43.7 million were included in other assets in the Consolidated Balance Sheets at June 30, 2024. Unfunded commitments of $7.1 million were included in other liabilities in the Consolidated Balance Sheets at June 30, 2024. For the three and six months ended June 30, 2024, amortization expense of $0.8 million and $1.5 million, as well as, tax credits and other tax benefits of $0.9 million and $1.8 million were recognized in income tax expense in the Condensed Consolidated Statements of Comprehensive Income. No impairment losses were recognized for the three and six months ended June 30, 2024. Prior to the adoption of ASU 2023-02, the cost method was used to account for our investments in tax credit equity investments. For the three and six months ended June 30, 2023 amortization expense of $0.5 million and $1.0 million was included in other expense. Further, for the three and six months ended June 30, 2023, tax credits of $0.9 million and $1.1 million were recognized as a reduction to income tax expense on our Consolidated Statements of Comprehensive Income. Other tax benefits of $3.0 million were included in deferred tax assets on our Consolidated Balance Sheets at June 30, 2023.

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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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