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Qualified Affordable Housing Project Investments (Notes) | 6 Months Ended
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Jun. 30, 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 June 30, 2023 and December 31, 2022, the balance of the investment for qualified affordable housing projects was $2.1 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 June 30, 2023 and December 31, 2022. During each of the three months ended June 30, 2023 and June 30, 2022, the Company recognized amortization expense of $54 thousand and $57 thousand, respectively. The Company recognized amortization expenses of $158 thousand and $114 thousand for the six months ended June 30, 2023 and 2022. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income. Total estimated credits to be received during 2023 are $357 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during the six months ended June 30, 2023 and 2022, were $180 thousand.

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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942/tableOfContent + Details
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