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Other Assets (Notes) | 9 Months Ended
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Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets | Note 6 — Other Assets The Corporation is a limited partner in several limited partnership investments. The Corporation is not the general partner, does not have controlling ownership and is not the primary beneficiary in any of these limited partnerships and thus, the variable interest entities have not been consolidated. These investments are accounted for using the equity method of accounting and are evaluated for impairment at the end of each reporting period. For historic rehabilitation tax credits, the Corporation begins to evaluate its investments for impairment at the time the credit is earned, which is typically in the year the project is placed in service, through the end of its compliance period. New market tax credits are also evaluated for impairment beginning at the time the tax credits are earned on the project through the seven year compliance period. Historic Rehabilitation Tax Credits In 2015, the Corporation invested in a development entity through BOC Investment, LLC (“BOC”), a wholly-owned subsidiary of FBB, to acquire, rehabilitate and operate a historic building in Madison, Wisconsin. At September 30, 2016 and December 31, 2015 the net carrying value of the investment was 169,000 and 578,000, respectively. During the third quarter of 2016, the Corporation recognized $3.6 million in historic tax credits related to this investment and $3.2 million in impairment of the underlying investment. In 2016, the Corporation also invested in a development entity through Mitchell Street Apartments Investment, LLC (“Mitchell Street”), a wholly-owned subsidiary of FBB, to rehabilitate a historic building in Milwaukee, Wisconsin. At September 30, 2016, the net carrying value of the investment was $130,000. The aggregate capital contributions to the project will depend upon the final amount of the certified project costs, but are expected to approximate $5.5 million. The Corporation is also anticipating the sale of a portion of the state credits associated with the investment to a third party. No historic tax credits were received in 2016 and will be used in the year the project is placed in service and are subject to a five year recapture period. New Market Tax Credits The Corporation invested in a community development entity (“CDE”) through Rimrock Road Investment Fund LLC (“Rimrock”), a wholly-owned subsidiary of FBB, to develop and operate a real estate project located in a low-income community. At September 30, 2016 and December 31, 2015, Rimrock had one CDE investment with a net carrying value of $7.2 million and $7.5 million respectively. The investment provides federal new market tax credits over a seven-year credit allowance period through 2020. The remaining federal new market tax credit to be utilized over a maximum of seven years was $1.9 million as of September 30, 2016. The Corporation’s usage of the federal new market tax credit was approximately $281,000 during both the nine months ended September 30, 2016 and 2015. Other Investments The Corporation had an equity investment in Aldine Capital Fund, LP, a mezzanine fund, of $857,000 and $1.0 million recorded as of September 30, 2016 and December 31, 2015, respectively. The Corporation’s equity investment in Aldine Capital Fund II, LP, also a mezzanine fund, totaled $3.0 million and $2.2 million as of September 30, 2016 and December 31, 2015, respectively. The Corporation’s share of these partnerships’ income included in the unaudited Consolidated Statements of Income for the nine months ended September 30, 2016 and 2015 was $708,000 and $460,000, respectively. A summary of accrued interest receivable and other assets is as follows:
|  | September 30, 2016 |  | December 31, 2015
|  | (In Thousands)
Accrued interest receivable |  | $ | 4,448 |  |  | $ | 4,412 |
Deferred tax assets, net |  | 2,084 |  |  | 2,633 |
Investment in limited partnerships |  | 3,881 |  |  | 3,215 |
Investment in community development entity |  | 7,200 |  |  | 7,500 |
Investment in historic development entities |  | 300 |  |  | 578 |
Investment in Trust II |  | 315 |  |  | 315 |
Fair value of interest rate swaps |  | 1,014 |  |  | 552 |
Prepaid expenses |  | 1,592 |  |  | 1,364 |
Other |  | 3,014 |  |  | 3,502 |
Total accrued interest receivable and other assets |  | $ | 23,848 |  |  | $ | 24,071 |

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