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Qualified Affordable Housing Project and Historic Tax Investments
12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Qualified Affordable Housing Project and Historic Tax Investments Qualified Affordable Housing Project and Historic Tax Investments
The Company invests in qualified affordable housing projects. At December 31, 2024, and December 31, 2023, the balance of the investment for qualified affordable housing projects was $23.2 million and $18.0 million, respectively. These balances are reflected in the other assets line on the Consolidated Balance Sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $7.6 million and $0.7 million at December 31, 2024, and December 31, 2023, respectively. The Company expects to fulfill the majority of these commitments by 2025.
During the year ended December 31, 2024, December 31, 2023, and December 31, 2022, the Company recognized amortization expense of $5.4 million, $5.6 million, and $6.1 million, respectively, which $2.9 million, $3.1 million, and $3.6 million, respectively, qualified for the proportional amortization method and was included in income tax expense on the Consolidated Statements of Income.
During the year ended December 31, 2024, December 31, 2023, and December 31, 2022, $2.5 million, $2.5 million, and $2.5 million, respectively, was included in other non-interest expense on the Consolidated Statements of Income related to historic tax credit investments that do not qualify for the proportional amortization method.