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Qualified Affordable Housing Project Investments
9 Months Ended
Sep. 30, 2017
Text Block [Abstract]  
Qualified Affordable Housing Project Investments

NOTE 20 - QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

The Company began investing in qualified housing projects in 2016. At September 30, 2017 and December 31, 2016, the balance of the investment for qualified affordable housing projects was $5,768,000 and $986,000, respectively.  This balance is reflected in the accrued interest and other assets line on the consolidated balance sheets.  Total unfunded commitments related to the investments in qualified housing projects totaled $4,572,000 and $840,000 at September 30, 2017 and December 31, 2016, respectively.  The Company expects to fulfill these commitments during the years ending 2027 and 2028.

For the nine months ended September 30, 2017 and 2016, the Company recognized amortization expense of $218,000 and $10,000, respectively, which was included within income tax expense on the consolidated statements of income.