LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

6 Months Ended

Jun. 30, 2026

LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

16.LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

The Company is a limited partner in several low-income housing partnerships that invest in qualified affordable housing projects. The Company expects to realize substantially all of the benefits from these investments through the tax credits generated by the underlying projects. These investments are included in other assets on the Consolidated Balance Sheets, while any unfunded commitments are included in other liabilities. The investments are amortized as a component of income tax expense.

The following table summarizes information related to the Company’s qualified low-income housing tax credit investments related and obligations:


(in thousands)			June 30, 2026					December 31, 2025
						Unfunded					Unfunded
Investment	Accounting Method			Investments		Obligations (2)			Investments		Obligations (1)
Low-income housing tax credit - Gross	Proportional amortization		$	110,800	$	28,412		$	96,236	$	42,976
Life-to-date amortization				(36,110)		NA			(30,262)		NA
Low-income housing tax credit - Net			$	74,690	$	28,412		$	65,974	$	42,976

(1)	All obligations will be paid by the Company by December 31, 2039.

(2)	All obligations will be paid by the Company by December 31, 2040.

The following table summarizes amortization expense and tax credits recognized in income tax expense for the Company’s qualified low-income housing investments:


		Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)			2026		2025			2026		2025

Amortization expense		$	2,903	$	2,008		$	5,848	$	4,313
Tax credits recognized			(3,601)		(2,803)			(7,233)		(5,978)