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Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2024

Tax Credit Investments

Summary of investments in qualified affordable housing projects and other tax credit investments

The following table presents a summary of the Company’s investments in qualified affordable housing projects

and other tax credit investments at March 31, 2024 and December 31, 2023:


(dollars in thousands)		March 31, 2024						December 31, 2023
Investment Type			Investment			Unfunded Commitment ⁽¹⁾			Investment			Unfunded Commitment
Low Income Housing Tax Credit (LIHTC)		$	16,880		$	7,579		$	16,897		$	7,579
Federal Historic Tax Credit (FHTC)			2,765			2,353			3,403			2,353
Total		$	19,645		$	9,932		$	20,300		$	9,932

(1)	All commitments are expected to be paid by the Company by March 31, 2025.

Schedule of amortization expense and tax benefit for qualified affordable housing projects and other tax credit investments

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 the three months ended March 31, 2024 and 2023:


		Three Months Ended
		March 31,
(dollars in thousands)		2024			2023
Amortization Expense⁽¹⁾
LIHTC		$	492		$	368
FHTC			163			108
Total		$	655		$	476
Tax Benefit Recognized⁽²⁾
LIHTC		$	(671)		$	(374)
FHTC			(215)			(152)
Total		$	(886)		$	(526)

(1)	The amortization expense for the LIHTC and FHTC investments are included in income tax expense.

(2)	All of the tax benefits recognized are included in income tax expense.