Note 21 — Qualified Affordable Housing Project Investments

The Company invests in qualified affordable housing projects. At December 31, 2023 and 2022, the balance of the investment for qualified affordable housing projects was $16.6 million and $5.9 million, respectively. This balance is reflected in prepaid expenses and other assets on the consolidated balance sheets. Total unfunded commitments related to the investments

in qualified affordable housing projects aggregated $10.0 million and $27,000 at December 31, 2023 and 2022, respectively. The Company expects to fulfill the majority of these commitments over the next five years.

For each of the twelve months ended December 31, 2023, 2022 and 2021, the Company recognized amortization expense of $1.9 million, which was included within income tax expense on the consolidated statements of income.