Qualified Affordable Housing Project Investments (Notes)	3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, the balance of the investment for qualified affordable housing projects was $2.2 million and $2.3 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 at both March 31, 2023 and December 31, 2022. 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 each of the three months ended March 31, 2023 and March 31, 2022, the Company recognized amortization expense of $104 thousand and $57 thousand, respectively. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income. Total estimated credits to be received during 2023 are $358 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during the three months ended March 31, 2023 and 2022, were $90 thousand.

Qualified Affordable Housing Project Investments (Notes)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022, the balance of the investment for qualified affordable housing projects was $2.2 million and $2.3 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 at both March 31, 2023 and December 31, 2022. 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 each of the three months ended March 31, 2023 and March 31, 2022, the Company recognized amortization expense of $104 thousand and $57 thousand, respectively. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income.

Total estimated credits to be received during 2023 are $358 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during the three months ended March 31, 2023 and 2022, were $90 thousand.