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Tax Credit Investments (Tables)

6 Months Ended

Jun. 30, 2024

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.