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Tax Credit Investments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | June 30, 2024 | ​ | December 31, 2023
Investment Type | ​ | ​ | Investment | ​ | ​ | Unfunded Commitments (1) | ​ | ​ | Investment | ​ | ​ | Unfunded Commitments (1)
Low Income Housing Tax Credit (LIHTC) | ​ | $ | 15,929 | ​ | $ | 340 | ​ | $ | 16,897 | ​ | $ | 7,579
Federal Historic Tax Credit (FHTC) | ​ | ​ | 3,078 | ​ | ​ | 2,353 | ​ | ​ | 3,403 | ​ | ​ | 2,353
Total | ​ | $ | 19,007 | ​ | $ | 2,693 | ​ | $ | 20,300 | ​ | $ | 9,932
(1) | All commitments are expected to be paid by the Company by June 30, 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 and six months ended June 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(dollars in thousands) | ​ | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization Expense (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIHTC | ​ | $ | 488 | ​ | $ | 280 | ​ | $ | 980 | ​ | $ | 648
FHTC | ​ | ​ | 162 | ​ | ​ | 109 | ​ | ​ | 325 | ​ | ​ | 217
Total | ​ | $ | 650 | ​ | $ | 389 | ​ | $ | 1,305 | ​ | $ | 865
Tax Benefit Recognized (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIHTC | ​ | $ | (670) | ​ | $ | (360) | ​ | $ | (1,341) | ​ | $ | (734)
FHTC | ​ | ​ | (216) | ​ | ​ | (151) | ​ | ​ | (431) | ​ | ​ | (303)
Total | ​ | $ | (886) | ​ | $ | (511) | ​ | $ | (1,772) | ​ | $ | (1,037)
(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.

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