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Qualified affordable housing project investments
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023, the balance of the investment for qualified affordable housing projects was $22.6 million and $17.9 million, respectively. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $15.1 million and $12.3 million at September 30, 2024 and December 31, 2023. The Company expects to complete the fulfillment of these commitments during the year ending 2038.

In the third quarters ended September 30, 2024 and September 30, 2023, the Company recognized amortization expense of $513 thousand and $426 thousand, respectively, which was included within income tax expense on the consolidated statements of income. In both of the nine month periods ended September 30, 2024 and September 30, 2023, the Company recognized amortization expense of $1.3 million, which was included within income tax expense on the consolidated statements of income.

Additionally, during the third quarters ended September 30, 2024 and September 30, 2023, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $602 thousand and $558 thousand, respectively. For both of the nine month periods ended September 30, 2024 and September 30, 2023, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $1.6 million.

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