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Tax Credit Investments

9 Months Ended

Sep. 30, 2024

Tax Credit Investments

Tax Credit Investments

Note 9: Tax Credit Investments

​

The Company invests in qualified affordable housing projects and federal historic projects for the purposes 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 September 30, 2024 and December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

​

September 30, 2024

​

December 31, 2023

Investment Type

​

​

Investment

​

​

Unfunded Commitments (1)

​

​

Investment

​

​

Unfunded Commitments (1)

Low Income Housing Tax Credit (LIHTC)

​

$

15,426

​

$

340

​

$

16,897

​

$

7,579

Federal Historic Tax Credit (FHTC)

​

​

3,076

​

​

2,541

​

​

3,403

​

​

2,353

Total

​

$

18,502

​

$

2,881

​

$

20,300

​

$

9,932

(1) All commitments are expected to be paid by the Company by September 30, 2025.

​

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 nine months ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

(dollars in thousands)

​

2024

2023

2024

2023

Amortization Expense (1)

​

​

​

​

​

​

​

​

​

​

​

​

LIHTC

​

$

503

​

$

279

​

$

1,483

​

$

927

FHTC

​

​

190

​

​

108

​

​

515

​

​

325

Total

​

$

693

​

$

387

​

$

1,998

​

$

1,252

Tax Benefit Recognized (2)

​

​

​

​

​

​

​

​

​

​

​

​

LIHTC

​

$

(671)

​

$

(374)

​

$

(2,012)

​

$

(1,123)

FHTC

​

​

(250)

​

​

(152)

​

​

(681)

​

​

(455)

Total

​

$

(921)

​

$

(526)

​

$

(2,693)

​

$

(1,578)

(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.

X

- References

No definition available.

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X

- 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/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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