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Qualified Affordable Housing Project Investments | 6 Months Ended
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Jun. 30, 2024
Qualified Affordable Housing Project Investments |
Qualified Affordable Housing Project Investments | 5. Qualified Affordable Housing Project Investments The Corporation invests in qualified affordable housing projects. The balance of investment for qualified housing projects was $28.9 million at June 30, 2024 and $7.8 million at December 31, 2023. 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 $20.6 million at June 30, 2024. The Corporation expects to fulfill these commitments by the end of December 31, 2037. The Corporation recognized amortization expense of $211 thousand during the six months ended June 30, 2024, and $390 thousand during the six months ended June 30, 2023, which was included within other noninterest expense on the consolidated statements of income. The Corporation recognized amortization expense of $847 thousand during the six months ended June 30, 2024, which was included within income tax expense on the consolidated statements of income. Additionally, the Corporation recognized tax credits and other benefits from its investment in affordable housing tax credits of $1.6 million during the six months ended June 30, 2024, and $674 thousand during the six months ended June 30, 2023.

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