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Tax Credit Investments | 9 Months Ended
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Sep. 30, 2022
Tax Credit Investments. |
Tax Credit Investments | NOTE 15 Tax Credit Investments The Company invests in qualified affordable housing projects for the purpose of community reinvestment and obtaining tax credits. The Company’s tax credit investments are limited to existing lending relationships with well-known developers and projects within the Company’s market area. The following table presents a summary of the Company’s investments in qualified affordable housing project tax credits as of September 30, 2022 and December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | September 30, 2022 | ​ | December 31, 2021
(dollars in thousands) |  | ​ | ​ | Investment | ​ | Unfunded Commitment | ​ | Investment | ​ | Unfunded Commitment
Investment | ​ | Accounting Method | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Low income housing tax credit |  | Proportional amortization | ​ | $ | 17,906 |  | $ | 15,559 |  | $ | 7,906 |  | $ | 6,999
Total |  | ​ | ​ | $ | 17,906 |  | $ | 15,559 |  | $ | 7,906 |  | $ | 6,999
​ The following table presents a summary of the amortization expense and tax benefit recognized for the Company’s qualified affordable housing projects for the three and nine months ended three and nine months ended September 30, 2022 and 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​
​ | ​ | 2022 | ​ | 2021 | ​
​ | ​ | Amortization | ​ | Tax Benefit | ​ | Amortization | ​ | Tax Benefit | ​
(dollars in thousands) | ​ | Expense (1) |  | Recognized (2) |  | Expense (1) |  | Recognized (2) |
Low income housing tax credit | ​ | $ | 109 |  | $ | (146) |  | $ | — |  | $ | — |
Total | ​ | $ | 109 | ​ | $ | (146) | ​ | $ | — | ​ | $ | — | ​
(1) | The amortization expense for low income housing tax credit investments were included in income tax expense.
(2) | All of the tax benefits recognized were included in income tax expense.
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended September 30,
​ | ​ | 2022 | ​ | 2021
​ | ​ | Amortization | ​ | Tax Benefit | ​ | Amortization | ​ | Tax Benefit
(dollars in thousands) | ​ | Expense (1) | ​ | Recognized (2) | ​ | Expense (1) | ​ | Recognized (2)
Low income housing tax credit | ​ | $ | 220 |  | $ | (303) |  | $ | — |  | $ | —
Total | ​ | $ | 220 | ​ | $ | (303) | ​ | $ | — | ​ | $ | —
(1) | The amortization expense for low income housing tax credits were included in income tax expense.
(2) | All of the tax benefits recognized were included in income tax expense.

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