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Qualified Affordable Housing Project Investments | 12 Months Ended
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Dec. 31, 2022
Federal Home Loan Banks [Abstract] |
Qualified Affordable Housing Project Investments | NOTE 25. 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 December 31, 2022 and 2021, the balance of the investments for qualified affordable housing projects was $2.3 million and $2.6 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 zero and $11 thousand at December 31, 2022 and 2021, respectively. These balances are reflected in Other liabilities on the Consolidated Balance Sheets. During the twelve months ended December 31, 2022 and 2021, the Company recognized amortization expense of $278 and $229 thousand. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income. Total estimated credits to be received during 2022 are $359 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during 2022 and 2021 were $353 thousand and $385 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 https://asc.fasb.org/topic&trid=2209208 + Details
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- References No definition available. + Details
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