Investment in Qualified Affordable Housing

Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve our goals associated with the Community Reinvestment Act.

The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments as of September 30, 2016 and December 31, 2015.



(in thousands)	September 30, 2016		December 31, 2015
Affordable housing tax credit investments	$	54,757	$	51,247
Unfunded commitments	24,756		20,311

During the three months ended September 30, 2016 and 2015, Park recognized amortization expense of $1.8 million and $1.7 million, respectively, and during the nine months ended September 30, 2016 and 2015, Park recognized amortization expense of $5.5 million and $5.2 million, respectively, which was included within the provision for income taxes. Additionally, during each of the three months ended September 30, 2016 and 2015, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.3 million, and during the nine months ended September 30, 2016 and 2015, recognized tax credits and other benefits from its affordable housing tax credit investments of $7.0 million and $6.8 million, respectively.