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Qualified Affordable Housing Project Investments
 12 Months Ended
Dec. 31, 2024
Investment Program, Proportional Amortization Method, Elected [Line Items]  
Qualified Affordable Housing Project Investments

NOTE 25 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

The Company invests in qualified affordable housing projects. At December 31, 2024 and 2023, the balance of the investment for qualified affordable housing projects was $22.0 million and $17.9 million. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $13.9 million and $12.3 million at December 31, 2024 and 2023. The Company expects to fulfill these commitments during the year ending 2038.

During the years ended December 31, 2024 and 2023, the Company recognized amortization expense of $1.9 million and $1.7 million, respectively, which was included within income tax expense on the consolidated statements of income.

Additionally, during the years ended December 31, 2024 and 2023, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $2.3 million and $2.2 million, respectively. The qualified affordable housing investment credits are included in the net changes in other assets and liabilities in the cash flows from operating activities in the consolidated statements of cash flows. During the years ended December 31, 2024 and 2023, the Company did not incur impairment losses related to its investment in affordable housing tax credits.