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Tax Credit Investments (Tables)

9 Months Ended

Sep. 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 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.

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 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.