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Note 7: Investments in Limited Partnerships | 12 Months Ended
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Dec. 31, 2013
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Note 7: Investments in Limited Partnerships | Note 7: Investments in Limited Partnerships Investments in Affordable Housing Partnerships The Company has invested in certain limited partnerships that were formed to develop and operate apartments and single-family houses designed as high-quality affordable housing for lower income tenants throughout Missouri and contiguous states. At December 31, 2013, the Company had fifteen investments, with a net carrying value of $34.2 million. At December 31, 2012, the Company had eleven investments, with a net carrying value of $33.9 million. Due to the Company’s inability to exercise any significant influence over any of the investments in Affordable Housing Partnerships, they all are accounted for using the cost method. Each of the partnerships must meet the 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 credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest. The remaining federal affordable housing tax credits to be utilized over a maximum of 15 years were $44.7 million as of December 31, 2013, assuming no tax credit recapture events occur and all projects currently under construction are completed as planned. Amortization of the investments in partnerships is expected to be approximately $34.3 million, assuming all projects currently under construction are completed and funded as planned. The Company’s usage of federal affordable housing tax credits approximated $7.1 million, $5.2 million and $2.6 million during 2013, 2012 and 2011, respectively. Investment amortization amounted to $5.0 million, $4.6 million and $1.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. Investments in Community Development Entities The Company has invested in certain limited partnerships that were formed to develop and operate business and real estate projects located in low-income communities. At December 31, 2013, the Company had four investments, with a net carrying value of $6.8 million. At December 31, 2012, the Company had three investments, with a net carrying value of $6.8 million. Due to the Company’s inability to exercise any significant influence over any of the investments in qualified Community Development Entities, they are all accounted for using the cost method. Each of the partnerships provides federal New Market Tax Credits over a seven-year credit allowance period. In each of the first three years, credits totaling five percent of the original investment are allowed on the credit allowance dates and for the final four years, credits totaling six percent of the original investment are allowed on the credit allowance dates. Each of the partnerships must be invested in a qualified Community Development Entity on each of the credit allowance dates during the seven-year period to utilize the tax credits. If the Community Development Entities cease to qualify during the seven-year period, the credits may be denied for any credit allowance date and a portion of the credits previously taken may be subject to recapture with interest. The investments in the Community Development Entities cannot be redeemed before the end of the seven-year period. The remaining federal New Market Tax Credits to be utilized over a maximum of seven years were $9.6 million as of December 31, 2013. Amortization of the investments in partnerships is expected to be approximately $6.7 million. The Company’s usage of federal New Market Tax Credits approximated $2.3 million, $1.7 million and $1.7 million during 2013, 2012 and 2011, respectively. Investment amortization amounted to $1.6 million, $1.1 million and $1.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Investments in Limited Partnerships for Federal Rehabilitation/Historic Tax Credits From time to time, the Company has invested in certain limited partnerships that were formed to provide certain federal rehabilitation/historic tax credits. The Company utilizes these credits in their entirety in the year the project is placed in service and the impact to the Consolidated Statements of Income has not been material. Investments in Limited Partnerships for State Tax Credits From time to time, the Company has invested in certain limited partnerships that were formed to provide certain state tax credits. The Company has primarily syndicated these tax credits and the impact to the Consolidated Statements of Income has not been material.

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