LOW-INCOME HOUSING TAX CREDIT INVESTMENT |
6 Months Ended |
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Jun. 30, 2025 | |
| Equity [Abstract] | |
| LOW-INCOME HOUSING TAX CREDIT INVESTMENTS | TAX CREDIT INVESTMENTS The Company periodically invests in low-income housing tax credit (LIHTC) investments. As of June 30, 2025 and December 31, 2024, total unfunded commitments related to LIHTC investments totaled $3.0 million and $4.1 million, respectively. As of June 30, 2025 and December 31, 2024, the total balance of all LIHTC investments was $3.7 million and $3.1 million. These balances are reflected in the Other assets line item of the Condensed Consolidated Balance Sheets. The Company uses the proportional amortization method to account for this investment. Amortization expense is included within the Income tax expense line item of the Condensed Consolidated Statements of Income. During the three months ended June 30, 2025 and 2024, the Company recognized amortization expense of $0.2 million. During the six months ended June 30, 2025 and 2024, the Company recognized amortization expense of $0.4 million. Additionally, during the three months ended June 30, 2025 and 2024, the Company recognized $0.2 million of tax credits and other benefits from the LIHTC investment. During the six months ended June 30, 2025 and 2024, the Company recognized $0.4 million of tax credits and other benefits from the LIHTC investment. During the three and six months ended June 30, 2025 and 2024, the Company did not incur any impairment losses. During the three and six months ended June 30, 2025, the Company purchased $1.0 million of solar investment tax credits (ITCs) and recognized $0.1 million of related tax credits. The Company had not invested in solar investment tax credits prior to the second quarter of 2025. As of June 30, 2025, the Company had no unrecognized solar investment tax credits.
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