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Qualified Affordable Housing Project Investments | 12 Months Ended
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Dec. 31, 2023
Investments in Affordable Housing Projects [Abstract] |
Qualified Affordable Housing Project Investments | NOTE 25 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company invests in qualified affordable housing projects. At December 31, 2023 and 2022, the balance of the investment for qualified affordable housing projects was $17.9 million and $13.6 million. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $12.6 million and $9.1 million at December 31, 2023 and 2022. The Company expects to fulfill these commitments during the year ending 2037. During the years ended December 31, 2023 and 2022, the Company recognized amortization of expense of $1.7 million and $1.3 million, respectively, which was included within income tax expense on the consolidated statements of income. Additionally, during the years ended December 31, 2023 and 2022, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $2.2 million and $1.1 million, respectively. During the years ended December 31, 2023 and 2022, the Company did no t incur impairment losses related to its investment in affordable housing tax credits.

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