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Note 22 - Qualified Affordable Housing Project Investments | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Affordable Housing Program [Text Block] | NOTE 22 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS At December 31, 2024 and December 31, 2023, investments in qualified affordable housing projects totaled $10.1 million and $6.4 million. This balance is reflected in accrued interest and other assets on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $4.8 million at December 31, 2024 and $2.3 million at December 31, 2023. The Company expects to fulfill these commitments between 2025 and 2041. During the years ended December 31, 2024, 2023 and 2022, we recognized tax credits from these investments totaling $1.2 million, $1.0 million and $991,000. We had no impairment losses during the years ended December 31, 2024, 2023 and 2022. The amortization of these investments was also included within income tax expense as an offset to such tax credits. During the years ended December 31, 2024, 2023 and 2022, we recognized amortization expense of $1.3 million, $1.1 million, and $1.1 million.

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