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Tax Credit Investments
12 Months Ended
Dec. 31, 2024
Tax Credit Investments [Abstract]  
Tax Credit Investments Note 26. Tax Credit Investments

The Corporation has invested in various solar tax credit limited partnerships or LLCs. These partnerships develop, build and operate solar renewable energy projects. Over the course of these investments, the Corporation expects to receive federal tax credits, tax-related benefits and excess cash distributions, if available. At December 31, 2024, the balance of these investments was ($382) thousand. The Corporation has no unfunded commitments to these projects.

During the years ended December 31, 2024 and 2023, the Corporation recognized other income, net of amortization of $447 thousand and $0, respectively, reported in Other Noninterest Income on the consolidated statements of income. Additionally, the Corporation recognized $122 thousand in federal income tax credits for 2024 and $367 thousand for 2023. The tax benefits from these investments is generally recognized over six years.