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Qualified Affordable Housing Project Investments | 3 Months Ended
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Mar. 31, 2024
Investments in Affordable Housing Projects [Abstract] |
Qualified Affordable Housing Project Investments | NOTE 9 QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company invests in certain qualified affordable housing projects. The Company has elected to account for its investment in qualified affordable housing projects using the proportional amortization method described in FASB ASU 2014-01, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Low-Income housing Tax Credit Projects (A Consensus of the FASB Emerging Issues Task Force)", which was updated in March 2023 and released as FASB ASU 2023-02. Under the proportional amortization method, an investor amortizes the initial cost of the investment to income tax expense in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. At March 31, 2024, the balance of the Company's investments in qualified affordable housing projects was $3.9 million. This balance is reflected in the Other assets line on the condensed consolidated balance sheets. The unfunded commitments related to the investments in qualified affordable housing projects totaled $1.4 million at March 31, 2024. This balance is reflected in the accrued expense and other liabilities line on the condensed consolidated balance sheets. The funded balance in qualified affordable housing projects was $2.4 million out of a total of $4.0 million committed at December 31, 2023. During the three months ended March 31, 2024, the Company recognized amortization expense with respect to its investments in qualified affordable housing projects of $110 thousand, partially offset by tax credits and other benefits from its investments in affordable housing tax credits of $108 thousand. During the three month period ended March 31, 2024, the Company did not incur any impairment losses related to its investments in qualified affordable housing projects.

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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942/tableOfContent + Details
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