Qualified Affordable Housing Project Investments |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Qualified Affordable Housing Project Investments | |
| Qualified Affordable Housing Project Investments | 5. Qualified Affordable Housing Project Investments The Corporation invests in qualified affordable housing projects. The balance of investment for qualified housing projects was $37.1 million at March 31, 2026 and $37.9 million at December 31, 2025. These balances are reflected in the other assets line on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $17.4 million at March 31, 2026 and $19.9 million at December 31, 2025. These balances are reflected in the other liabilities line on the consolidated balance sheets.The Corporation expects to fulfill these commitments by the end of December 31, 2037. The Corporation recognized amortization expense of $15 thousand during the three months ended March 31, 2026, and $16 thousand during the three months ended March 31, 2025, which was included within other noninterest expense on the consolidated statements of income. The Corporation recognized amortization expense of $773 thousand during the three months ended March 31, 2026, and $720 thousand during the three months ended March 31, 2025, which was included within income tax expense on the consolidated statements of income. Additionally, the Corporation recognized tax credits and other benefits from its investment in affordable housing tax credits of $1.1 million during the three months ended March 31, 2026, and $914 thousand during the three months ended March 31, 2025.
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