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Qualified Affordable Housing Project Investments | 3 Months Ended
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Mar. 31, 2025
Investments in Affordable Housing Projects [Abstract] |
Qualified Affordable Housing Project Investments | NOTE 8 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, 2025 and December 31, 2024, the balance of the Company's investments in qualified affordable housing projects was $3.5 million and $3.6 million, respectively. This balance is reflected in the other assets line on the condensed consolidated balance sheets. The unfunded commitments related to the investments in qualified housing projects totaled $574 and $880 thousand at March 31, 2025 and December 31, 2024, respectively. These balances are reflected in the accrued expense and other liabilities line on the condensed consolidated balance sheets. The funded balance in qualified affordable housing projects was $3.4 million and $3.1 million at March 31, 2025 and December 31, 2024, respectively, out of a total of $4.0 million committed. The Company did no t incur any impairment losses related to its investments in qualified affordable housing projects in 2025 or 2024. The following tables present the Company's investments in qualified affordable housing projects as of March 31, 2025 and December 31, 2024 along with the related expenses and tax credits recognized as of March 31, 2025 and March 31, 2024.
|  | (In Thousands) |
|  | March 31, 2025 |  |  | December 31, 2024 |
Low-income-housing tax credit investments |  | $ | 4,000 |  |  | $ | 4,000 |
Unfunded commitments |  |  | (574 | ) |  |  | (880 | )
Net funded low-income-housing tax credit investments |  | $ | 3,426 |  |  | $ | 3,120 |
| (In Thousands) |
|  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
Amortization expense |  | $ | 112 |  |  | $ | 110 |
Tax credits recognized |  |  | 112 |  |  |  | 108 |

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