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Qualified affordable housing project investments
 6 Months Ended
Jun. 30, 2024
Investment Program, Proportional Amortization Method, Elected [Line Items]  
Qualified Affordable Housing Project Investments

Qualified affordable housing project investments:

The Company invests in qualified affordable housing projects. At June 30, 2024 and December 31, 2023, the balance of the investment for qualified affordable housing projects was $23.1 million and $17.9 million, respectively. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $16.4 million and $12.3 million at June 30, 2024 and December 31, 2023. The Company expects to complete the fulfillment of these commitments during the year ending 2038.

In the second quarters ended June 30, 2024 and June 30, 2023, the Company recognized amortization expense of $407 thousand and $417 thousand, respectively, which was included within income tax expense on the consolidated statements of income. In the six month periods ended June 30, 2024 and June 30, 2023, the Company recognized amortization expense of $813 thousand and $834 thousand, respectively, which was included within income tax expense on the consolidated statements of income.

Additionally, during the second quarters ended June 30, 2024 and June 30, 2023, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $502 thousand and $541 thousand, respectively. For the six month periods ended June 30, 2024 and June 30, 2023, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $1.0 million and $1.1 million, respectively.

During the six month periods ended June 30, 2024 and June 30, 2023, the Company did not incur any impairment losses related to its investment in affordable housing tax credits.