Note 21 — Qualified Affordable Housing Project Investments

The Company invests in qualified affordable housing projects. At December 31, 2022 and 2021, the balance of the investment for qualified affordable housing projects was $5.9 million and $8.0 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 $27,000 and $56,000 at December 31, 2022 and 2021, respectively. The Company expects to fulfill these commitments during the year ending 2023.

For the twelve months ended December 31, 2022, 2021 and 2020, the Company recognized amortization expense of $1.9 million, $1.9 million and $1.8 million, respectively, which was included within income tax expense on the consolidated statements of income.