XML 48 R32.htm IDEA: XBRL DOCUMENT v3.23.1
Qualified Affordable Housing Project Investments
12 Months Ended
Dec. 31, 2022
Federal Home Loan Banks [Abstract]  
Qualified Affordable Housing Project Investments

NOTE 23 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

 

The Company invests in qualified affordable housing projects. At December 31, 2022 and 2021, the balance of the Company’s investments in qualified affordable housing projects was $14,149 and $13,093, respectively. These balances are reflected in the other assets line on the Consolidated Balance Sheet. The unfunded commitments related to the investments in qualified affordable housing projects totaled $5,634 and $5,706 at December 31, 2022 and 2021, respectively. These balances are reflected in the Accrued expenses and other liabilities line on the Consolidated Balance Sheet.

During the years ended December 31, 2022, 2021 and 2020, the Company recognized amortization expense with respect to its investments in qualified affordable housing projects of $1,086, $818 and $661, respectively, which was included within pre-tax income on the Consolidated Statements of Operations.

Additionally, during the years ended December 31, 2022, 2021 and 2020, the Company recognized tax credits and other benefits from its investments in affordable housing tax credits of $1,391, $1,402 and $1,186, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company did not incur impairment losses related to its investment in qualified affordable housing projects.