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Qualified Affordable Housing Project Investments (Notes) | 9 Months Ended
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Sep. 30, 2020
Federal Home Loan Banks [Abstract] |
Qualified Affordable Housing Project Investments | NOTE 12. Qualified Affordable Housing Project Investments The Company invests in qualified affordable housing projects. The general purpose of these investments is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, provide tax credits and other tax benefits to investors, and to preserve and protect project assets. At September 30, 2020 and December 31, 2019, the balance of the investment for qualified affordable housing projects was $2.9 million and $3.0 million, respectively. These balances are reflected in Other assets on the Consolidated Balance Sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $446 thousand and $798 thousand at September 30, 2020 and December 31, 2019, respectively. These balances are reflected in Other liabilities on the Consolidated Balance Sheets. The Company expects to fulfill these commitments by December 31, 2023, in accordance with the terms of the individual agreements. During the three months ended September 30, 2020 and 2019, the Company recognized amortization expense of $57 thousand. During the nine months ended September 30, 2020 and 2019, the Company recognized amortization expense of $172 thousand. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income. Total estimated credits to be received during 2020 are $311 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during the nine months ended September 30, 2020 and 2019, were $244 thousand and $285 thousand, respectively.

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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -URI http://asc.fasb.org/topic&trid=2209208 + Details
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- References No definition available. + Details
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