QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS	12 Months Ended
Dec. 31, 2022
QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS
QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS	NOTE 20: QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company began investing in qualified affordable housing projects in the last quarter of 2019. These investments may qualify for Community Reinvestment Act (CRA) credit and generate low income housing tax credits (LIHTC) and other tax benefits over an approximate 10 year period. The Company records these investments using the proportional amortization method and amortizes the initial cost of the investment in proportion to the tax benefits, and the net benefit is recognized in the income statement as a component of income tax expense. At December 31, 2022 and December 31, 2021, the balance of the investment for qualified affordable housing projects was $88.5 million and $59.1 million, respectively. Total unfunded commitments related to the investments in qualified affordable housing projects was $60.9 million and $45.2 million at December 31, 2022 and December 31, 2021, respectively. The Company expects to fulfill these commitments between 2022 and 2038. During 2022, 2021, and 2020, the Company recognized amortization expense of $5.6 million, $3.6 million, and $2.6 million respectively, and recognized tax credits from its investment in affordable housing tax credits of $4.1 million, $3.2 million, and $1.5 million respectively. These amounts were included within income tax expense. The Company had no impairment losses during 2022, 2021 and 2020.

QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

12 Months Ended

Dec. 31, 2022

QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

NOTE 20: QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

The Company began investing in qualified affordable housing projects in the last quarter of 2019. These investments may qualify for Community Reinvestment Act (CRA) credit and generate low income housing tax credits (LIHTC) and other tax benefits over an approximate 10 year period. The Company records these investments using the proportional amortization method and amortizes the initial cost of the investment in proportion to the tax benefits, and the net benefit is recognized in the income statement as a component of income tax expense.

At December 31, 2022 and December 31, 2021, the balance of the investment for qualified affordable housing projects was $88.5 million and $59.1 million, respectively. Total unfunded commitments related to the investments in qualified affordable housing projects was $60.9 million and $45.2 million at December 31, 2022 and December 31, 2021, respectively. The Company expects to fulfill these commitments between 2022 and 2038.

During 2022, 2021, and 2020, the Company recognized amortization expense of $5.6 million, $3.6 million, and $2.6 million respectively, and recognized tax credits from its investment in affordable housing tax credits of $4.1 million,

$3.2 million, and $1.5 million respectively. These amounts were included within income tax expense. The Company had no impairment losses during 2022, 2021 and 2020.