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Tax Credit Investments

6 Months Ended

Jun. 30, 2025

Tax Credit Investments [Abstract]

Tax Credit Investments

NOTE 15- TAX CREDIT INVESTMENTS

The Company has investments in various limited partnerships that sponsor affordable housing projects and federal historic projects. The purpose of the investments is to earn an adequate return of capital through the receipt of tax credits and to assist the Company in achieving goals associated with the Community Reinvestment Act. These investments are included in other assets on the Consolidated Balance Sheet, with any unfunded commitments included in other liabilities. The investments are amortized as a component of income tax expense.

The following table summarizes the Company’s tax credit investments as of June 30, 2025 and December 31, 2024.

		June 30, 2025										December 31, 2024
Investment Type		Investment					Unfunded Commitment					Investment					Unfunded Commitment
Low Income Housing Tax Credit (LIHTC)		$		20,255			$		9,987			$		20,139			$		10,767
Historic Tax Credit (HTC)				1,743					1,573					1,953					1,573
Total		$		21,998			$		11,560			$		22,092			$		12,340

The following table summarizes the amortization expense and tax credits recognized for the Company’s tax credit investments for the three and six months ended June 30, 2025 and 2024, respectively:

		Three months ended June 30,										For the six months ended June 30,
Amortization expense		2025					2024					2025					2024
LIHTC		$		442			$		354			$		884			$		707
HTC				(30	)				—					210					—
Total		$		412			$		354			$		1,094			$		707
Tax credits recognized:
LIHTC		$		448			$		355			$		896			$		710
HTC				256					—					256					-
Total		$		704			$		355			$		1,152			$		710

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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- References

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