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Note 6 - Other Assets | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Other Assets Disclosure [Text Block] |
(6) | Other Assets
A summary of the major components of other assets follows:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Cash surrender value of life insurance other than BOLI |  | $ | 16,575 |  |  | $ | 15,496 |
Net deferred tax asset |  |  | 59,110 |  |  |  | 54,145 |
Investments in tax credit partnerships |  |  | 117,204 |  |  |  | 13,969 |
Swap assets |  |  | 17,590 |  |  |  | 10,727 |
Prepaid assets |  |  | 4,224 |  |  |  | 5,721 |
Trust fees receivable |  |  | 3,781 |  |  |  | 3,354 |
Mortgage servicing rights |  |  | 13,558 |  |  |  | 15,219 |
Other real estate owned |  |  | 427 |  |  |  | 677 |
Other |  |  | 14,200 |  |  |  | 15,680 |
Total other assets |  | $ | 246,669 |  |  | $ | 134,988 |
Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans. Bancorp periodically invests in certain partnerships that generate federal income tax credits. The tax benefit of these investments exceeds to amortization expense associated with them, resulting in a positive impact on net income. The investments in such partnerships are recorded in Other assets on the consolidated balance sheets, while the corresponding contribution requirements are recorded in Other liabilities. Contributions are typically spread over the life of the respective investments, which can be up to 10 years depending on the type of investment. Bancorp has invested in several larger tax credit partnerships during 2023, which have served as an economical means of fulfilling CRA requirements. Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. For additional information, see the footnote titled “Derivative Financial Instruments.” For additional information related to MSRs, see the footnote titled “Mortgage Banking Activities.”

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