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Note 16 - Tax Credit Investments | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Investment Program, Proportional Amortization Method, Elected [Text Block] | NOTE 16 Tax Credit Investments The Company invests in qualified affordable housing projects for the purpose of community reinvestment and obtaining tax credits. The Company’s tax credit investments are limited to existing lending relationships with well-known developers and projects within the Company’s market area. The following table presents a summary of the Company’s investments in qualified affordable housing project tax credits as of September 30, 2024 and December 31, 2023:
|  |  | September 30, 2024 |  |  | December 31, 2023 |
(dollars in thousands) |  |  | Investment |  |  | Unfunded Commitment |  |  | Investment |  |  | Unfunded Commitment |
Investment | Accounting Method |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Low income housing tax credit | Proportional amortization |  | $ | 17,906 |  |  | $ | 5,473 |  |  | $ | 17,906 |  |  | $ | 12,347 |
The following tables present a summary of the amortization expense and tax benefit recognized for the Company’s qualified affordable housing projects for the three and nine months ended September 30, 2024 and 2023:
|  | Three months ended September 30, |
|  | 2024 |  |  | 2023 |
|  | Amortization |  |  | Tax Benefit |  |  | Amortization |  |  | Tax Benefit |
(dollars in thousands) |  | Expense (1) |  |  | Recognized (2) |  |  | Expense (1) |  |  | Recognized (2) |
Low income housing tax credit |  | $ | 432 |  |  | $ | (352 | ) |  | $ | 245 |  |  | $ | (435 | )
(1) | The amortization expense for low income housing tax credits was included in the income tax expense.
(2) | All of the tax benefits recognized were included in income tax expense.
|  | Nine months ended September 30, |
|  | 2024 |  |  | 2023 |
|  | Amortization |  |  | Tax Benefit |  |  | Amortization |  |  | Tax Benefit |
(dollars in thousands) |  | Expense (1) |  |  | Recognized (2) |  |  | Expense (1) |  |  | Recognized (2) |
Low income housing tax credit |  | $ | 1,296 |  |  | $ | (1,103 | ) |  | $ | 884 |  |  | $ | (1,171 | )
(1) | The amortization expense for low income housing tax credits was included in the income tax expense.
(2) | All of the tax benefits recognized were included in income tax expense.

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- Definition The entire disclosure of investment that generates income tax credit and other income tax benefit under tax credit program elected to be accounted for using proportional amortization method. Includes, but is not limited to, investment under tax credit program not meeting condition for accounting under proportional amortization method. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-1A + Details
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