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Qualified Affordable Housing Project Investments | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023, the balance of the investments for qualified affordable housing projects was $1.3 million and $2.0 million, respectively. These balances are reflected in Other assets on the Consolidated Balance Sheets. There were no unfunded commitments related to the Company's qualified affordable housing projects at December 31, 2024 and 2023. During the twelve months ended December 31, 2024 and 2023, the Company recognized amortization expense of $295 thousand and $265 thousand. Beginning in 2024, upon adoption of ASU 2023-02, the amortization expense was included in income tax expense, while in 2023 and prior it was included in other operating expenses on the Consolidated Statements of Income. Total estimated credits to be received during 2024 are $304 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during 2024 and 2023 were $304 thousand and $389 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 -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942/tableOfContent + Details
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- References No definition available. + Details
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