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LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

12 Months Ended

Dec. 31, 2024

LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

26.

LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

The Company is a limited partner in several low-income housing partnerships whose purpose is to invest in qualified affordable housing. The Company expects to recover its remaining investments in these partnerships through the use of tax credits that are generated by the investments. These investments are included in other assets and accrued interest receivable on the Consolidated Balance Sheets, with any unfunded obligations included in other liabilities and accrued interest payable. The investments are amortized as a component of income tax expense.

The following table summarizes information related to the Company’s qualified low-income housing investments and obligations:

(in thousands)

December 31, 2024

December 31, 2023

Unfunded

Unfunded

Investment

Accounting Method

Investments

Obligations (1)

Investments

Obligations

Low-income housing tax credit - Gross

Proportional amortization

72,415

54,797

57,596

58,619

Life-to-date amortization

(21,899)

(15,904)

Low-income housing tax credit - Net

50,516

54,797

41,692

58,619

(1) All obligations will be paid by the Company by December 31, 2038.

The following table summarizes the amortization expense and tax credits recognized in income tax expense for the Company’s qualified low-income housing investments for the years ended December 31, 2024, 2023 and 2022, respectively:


	Years Ended December 31,

(in thousands)		2024		2023		2022

Amortization expense	$	5,995	$	5,313	$	4,410
Tax credits recognized		(9,440)		(7,666)		(6,155)