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Tax Credit Investments (Tables) | 12 Months Ended
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Dec. 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 December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​ | December 31, 2024 | ​ | December 31, 2023
Investment | ​ | Accounting Method | ​ | ​ | Investment | ​ | ​ | Unfunded Commitment (1) | ​ | ​ | Investment | ​ | ​ | Unfunded Commitment
Low Income Housing Tax Credit (LIHTC) | ​ | Proportional Amortization | ​ | $ | 14,922 | ​ | $ | 340 | ​ | $ | 16,897 | ​ | $ | 7,579
Federal Historic Tax Credit (FHTC) | ​ | Proportional Amortization | ​ | ​ | 2,872 | ​ | ​ | 2,541 | ​ | ​ | 3,403 | ​ | ​ | 2,353
Total | ​ | ​ | ​ | $ | 17,794 | ​ | $ | 2,881 | ​ | $ | 20,300 | ​ | $ | 9,932
(1) | All commitments are expected to be paid by the Company by December 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 2024, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Amortization Expense (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIHTC | ​ | $ | 1,991 | ​ | $ | 1,810 | ​ | $ | 271
FHTC | ​ | ​ | 719 | ​ | ​ | 668 | ​ | ​ | 408
Total | ​ | $ | 2,710 | ​ | $ | 2,478 | ​ | $ | 679
Tax Benefit Recognized (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIHTC | ​ | $ | (2,347) | ​ | $ | (1,693) | ​ | $ | (330)
FHTC | ​ | ​ | (885) | ​ | ​ | (912) | ​ | ​ | (607)
Total | ​ | $ | (3,232) | ​ | $ | (2,605) | ​ | $ | (937)
(1) | The amortization expense for the LIHTC investments are included in income tax expense. Prior to 2023, the amortization for the FHTC tax credits are included in noninterest expense. Beginning January 1, 2023, with the adoption of ASU 2023-02, the amortization expense for the FHTC investments are included in income tax expense.
(2) | All of the tax benefits recognized are included in income tax expense. Prior to 2023, the tax benefit recognized for the FHTC investments primarily reflected the tax credits generated from the investments, and excluded the net tax expense/benefit of the investments’ income/loss.

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