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Tax Credit Investments | 12 Months Ended
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Dec. 31, 2023
Tax Credit Investments |
Tax Credit Investments | Note 15: Tax Credit Investments ​ The Company invests in qualified affordable housing projects and federal historic 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 projects and other tax credit investments at December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​ | December 31, 2023 | ​ | December 31, 2022
Investment | ​ | Accounting Method (1) | ​ | ​ | Investment | ​ | ​ | Unfunded Commitment (2) | ​ | ​ | Investment | ​ | ​ | Unfunded Commitment
Low Income Housing Tax Credit (LIHTC) | ​ | Proportional Amortization | ​ | $ | 16,897 | ​ | $ | 7,579 | ​ | $ | 4,701 | ​ | $ | —
Federal Historic Tax Credit (FHTC) | ​ | Equity | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | 1,785 | ​ | ​ | 323
Federal Historic Tax Credit (FHTC) | ​ | Proportional Amortization | ​ | ​ | 3,403 | ​ | ​ | 2,353 | ​ | ​ | N/A | ​ | ​ | N/A
Total | ​ | ​ | ​ | $ | 20,300 | ​ | $ | 9,932 | ​ | $ | 6,486 | ​ | $ | 323
(1) | The Company early adopted ASU 2023-02 applying the modified retrospective method. Effective January 1, 2023, historic tax credits were accounted for under the proportional amortization method.
(2) | All commitments are expected to be paid by the Company by December 31, 2024.
​ The following table presents a summary of the amortization expense and tax benefit recognized for the Company’s qualified affordable housing projects and other tax credit investments during 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Amortization Expense (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIHTC | ​ | $ | 1,810 | ​ | $ | 271 | ​ | $ | 280
FHTC | ​ | ​ | 668 | ​ | ​ | 408 | ​ | ​ | 562
Total | ​ | $ | 2,478 | ​ | $ | 679 | ​ | $ | 842
Tax Benefit Recognized (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIHTC | ​ | $ | (1,693) | ​ | $ | (330) | ​ | $ | (330)
FHTC | ​ | ​ | (912) | ​ | ​ | (607) | ​ | ​ | (625)
Total | ​ | $ | (2,605) | ​ | $ | (937) | ​ | $ | (955)
(1) | The amortization expense for the LIHTC investments are included in income tax expense. Prior to 2023, the amortization for the FHTC tax credits are included in noninterest expense. Beginning January 1, 2023, with the adoption of ASU 2023-02, the amortization expense for the FHTC investments are included in income tax expense.
(2) | All of the tax benefits recognized are included in income tax expense. Prior to 2023, the tax benefit recognized for the FHTC investments primarily reflected the tax credits generated from the investments, and excluded the net tax expense/benefit of the investments’ income/loss.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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