Annual report [Section 13 and 15(d), not S-K Item 405]

Qualified Affordable Housing Project Investments

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Qualified Affordable Housing Project Investments
 12 Months Ended
Dec. 31, 2024
Investment Program, Proportional Amortization Method, Elected [Line Items]  
Qualified Affordable Housing Project Investments

Note 21 — Qualified Affordable Housing Project Investments

The Company invests in qualified affordable housing projects. At December 31, 2024 and 2023, the balance of the investment for qualified affordable housing projects was $22.1 million and $16.6 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 $13.8 million and $10.0 million at December 31, 2024 and 2023, respectively. The Company expects to fulfill the majority of these commitments over the next five years.

For the twelve months ended December 31, 2024, the Company recognized amortization expense of $1.8 million. For each of the twelve months ended, December 31, 2023 and 2022, the Company recognized amortization expense of $1.9 million, which was included within income tax expense on the consolidated statements of income.