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Note 6 - Investments in Affordable Housing and Alternative Energy Partnerships | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Investments in Affordable Housing [Text Block] | 6 . Investments in Affordable Housing and Alternative Energy Partnership s The Company has invested in certain limited partnerships that were formed to develop and operate housing for lower-income tenants throughout the United States. In addition, in May 2017, March 2016 and April 2015, the Company invested in alternative energy partnerships that qualify for energy tax credits. The Company’s investments in these partnerships, net, are presented in the table below:
|  | As of December 31, |
(In thousands ) |  | 201 7 |  |  | 201 6 |
Investments in affordable housing partnerships, net |  | $ | 260,112 |  |  | $ | 236,787 |
Other borrowings for affordable housing limited partnerships |  | $ | 17,481 |  |  | $ | 17,661 |
Investments in affordable housing pertnerships, unfunded commitments |  | $ | 124,657 |  |  | $ | 115,038 |
Investments in alternative energy tax credit partnerships, net |  | $ | 12,759 |  |  | $ | 14,290 |
A t December 31, 2017, eight of the limited partnerships in which the Company has an equity interest were determined to be variable interest entities for which the Company is the primary beneficiary. The consolidation of these limited partnerships in the Company’s Consolidated Financial Statements increased total assets and liabilities by $23.6 million at December 31, 2017, and by $23.7 million at December 31, 2016. Recourse in other borrowings for affordable housing limited partnerships is limited to the assets of the limited partnerships. Unfunded commitments for affordable housing limited partnerships were recorded under other liabilities. The Company’s unfunded commitments related to investments in qualified affordable housing partnerships, net, are estimated to be paid as follows:
|  | Amoun t |
Year Ending December 31 , |  | (In thousands ) |
2018 |  | $ | 54,817 |
2019 |  |  | 37,921 |
2020 |  |  | 16,528 |
2021 |  |  | 11,238 |
2022 |  |  | 728 |
Thereafter |  |  | 3,425 |
Total unfunded commitments |  | $ | 124,657 |
Each of the partnerships must meet regulatory requirements for affordable housing for a minimum 15 -year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credit s may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken is subject to recapture with interest. The remaining tax credits to be utilized over a multiple-year period are $190.6 million for Federal and $2.7 million for state as of December 31, 2017. Losses in excess of the Bank’s investment in three limited partnerships have not been recorded in the Company’s Consolidated Financial Statements because the Company had fully satisfied all capital commitments required under the respective limited partnership agreements. In 2017, the Bank took a $2.6 million pretax write-down of low income housing tax credit investments, as a result of the enactment of the Tax Cuts and Jobs Act. The following table summarizes the Company’s usage of affordable housing and other tax credits including energy tax credits.
|  | As of December 31, |
(In thousands ) |  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Affordable housing and other tax credits recognized |  | $ | 17,727 |  |  | $ | 13,422 |  |  | $ | 10,100 |
Alternative energy tax credit usage |  | $ | 3,301 |  |  | $ | 24,472 |  |  | $ | 21,000 |

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