INCOME TAXES

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

13. INCOME TAXES

There were no unrecognized tax benefits as of March 31, 2022. The Company records interest and penalties on potential income tax deficiencies as income tax expense. The Company's federal and state tax returns for the 2018 through 2021 tax years are subject to examination as of March 31, 2022. The Company does not expect to record or realize any material unrecognized tax benefits during 2022.

The amortization of the low-income housing credit investments has been reflected as income tax expense of $1.2 million and $0.9 million for the three months ended March 31, 2022 and 2021.

The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the three months ended March 31, 2022 were $1.1 million, $1.2 million and $0.3 million, respectively. The carrying value of the investment in affordable housing credits is $38.4 million at March 31, 2022, compared to $39.6 million at December 31, 2021.