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LOW-INCOME HOUSING TAX CREDIT INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
LOW-INCOME HOUSING TAX CREDIT INVESTMENTS |
LOW-INCOME HOUSING TAX CREDIT INVESTMENTS | 16. 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) | ​ |  | September 30, 2025 |  | December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unfunded | ​ | ​ | ​ | ​ | ​ | Unfunded
Investment | Accounting Method | ​ | ​ | Investments | ​ | ​ | Obligations (2) | ​ | ​ | Investments | ​ | ​ | Obligations (1)
Low-income housing tax credit - Gross | Proportional amortization | ​ | $ | 91,469 | ​ | $ | 42,743 | ​ | $ | 72,415 | ​ | $ | 54,797
Life-to-date amortization | ​ | ​ | ​ | (28,308) | ​ | ​ | NA | ​ | ​ | (21,899) | ​ | ​ | NA
Low-income housing tax credit - Net | ​ | ​ | $ | 63,161 | ​ | $ | 42,743 | ​ | $ | 50,516 | ​ | $ | 54,797
(1) | All obligations will be paid by the Company by December 31, 2038.
(2) | All obligations will be paid by the Company by December 31, 2039.
​ 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 three and nine months ended September 30, 2025 and 2024, respectively: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | ​ | 2025 | ​ | ​ | 2024 | ​ | ​ | 2025 | ​ | ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization expense | ​ | ​ | $ | 2,097 | ​ | $ | 1,616 | ​ | $ | 6,409 | ​ | $ | 4,795
Tax credits recognized | ​ | ​ | ​ | (3,117) | ​ | ​ | (2,363) | ​ | ​ | (9,095) | ​ | ​ | (7,215)
​

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- Definition Low-Income Housing Tax Credit Investments. + References No definition available. + Details
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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942/tableOfContent + Details
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