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Other Assets | 12 Months Ended
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Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets | 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 the limited partnerships 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. Historic Rehabilitation Tax Credits The Corporation invests in development entities through BOC, Mitchell Street, and FBB Tax Credit, wholly-owned subsidiaries of FBB, to rehabilitate historic buildings. At December 31, 2019 and 2018, the net carrying value of the investments were $2.2 million and $1.7 million, respectively. During 2019, the Corporation contributed $9.4 million to these partnerships, recognized $5.2 million in federal historic tax credits, and $3.6 million in impairment related to these investments. During 2018, the Corporation contributed $2.0 million to these partnerships and recognized $2.5 million in federal historic tax credits and $1.6 million in impairment related to these investments. The state historic tax credits are sold to a third party resulting in a gain on sale of $413,000 during the year ended December 31, 2019. None were sold during the year ended December 31, 2018. New Market Tax Credits The Corporation invested in a community development entity (“CDE”) through Rimrock Road, a wholly-owned subsidiary of FBB, to develop and operate a real estate project located in a low-income community. At December 31, 2019 and 2018, Rimrock Road had one CDE investment with a net carrying value of $5.6 million and $6.1 million respectively. The investment provides federal new market tax credits over the seven year compliance period through 2020. The remaining federal new market tax credit to be utilized was $450,000 as of December 31, 2019. The Corporation’s use of the federal new market tax credit during the years ended December 31, 2019 and 2018 was $450,000. Other Investments The Corporation has an equity investment in Aldine Capital Fund, LP, a mezzanine fund, of $54,000 and $600,000 recorded as of December 31, 2019 and 2018, respectively. The Corporation’s equity investment in Aldine Capital Fund II, LP, also a mezzanine fund, totaled $3.1 million and $3.4 million as of December 31, 2019 and 2018, respectively. The Corporation’s equity investment in Aldine Capital Fund III, LP, also a mezzanine fund, totaled $1.3 million and $188,000 as of December 31, 2019 and 2018, respectively. The Corporation’s share of these partnerships’ income included in other non-interest income in the Consolidated Statements of Income for the years ended December 31, 2019 and 2018 was $1.4 million and $459,000, respectively. The Corporation’s share of these partnerships’ losses included in other non-interest expense in the Consolidated Statements of Income for the year ended December 31, 2019 was $121,000. There were no losses included in other non-interest expense for the year ended December 31, 2018. The Corporation is the sole owner of $315,000 of common securities issued by Trust II. The purpose of Trust II was to complete the sale of $10.0 million of 10.50% fixed rate preferred securities. Trust II, a wholly owned subsidiary of the Corporation, is not consolidated into the financial statements of the Corporation. The investment in Trust II of $315,000 as of December 31, 2019 and 2018 is included in accrued interest receivable and other assets. A summary of accrued interest receivable and other assets was as follows:
|  | December 31, 2019 |  | December 31, 2018
|  | (In Thousands)
Accrued interest receivable |  | $ | 5,760 |  |  | $ | 5,684 |
Net deferred tax asset |  | 5,353 |  |  | 3,172 |
Investment in historic development entities |  | 2,216 |  |  | 1,653 |
Investment in a community development entity |  | 5,571 |  |  | 6,081 |
Investment in limited partnerships |  | 4,476 |  |  | 4,176 |
Investment in Trust II |  | 315 |  |  | 315 |
Fair value of interest rate swaps |  | 18,346 |  |  | 4,637 |
Prepaid expenses |  | 2,285 |  |  | 2,894 |
Other assets |  | 4,184 |  |  | 6,039 |
Total accrued interest receivable and other assets |  | $ | 48,506 |  |  | $ | 34,651 |

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