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 and proportional amortization method of accounting and are evaluated for impairment at the end of each reporting period.

The Corporation invests in development entities through Mitchell Street and FBB Tax Credit, wholly-owned subsidiaries of FBB, to rehabilitate historic buildings. At December 31, 2024 and 2023, the net carrying value of the investments was $4.1 million and $2.4 million, respectively. During 2024 and 2023, the Corporation invested $2.5 million and $285,000, respectively, in these partnerships. During 2022, the Corporation had no activity related to these investments.

The Corporation invests in development entities through FBB Tax Credit, a wholly-owned subsidiary of FBB, to develop buildings that offer low-income housing. These investments are accounted for using the proportional amortization method of accounting. At December 31, 2024 and 2023, the net carrying value of the investments were $40.3 million and $33.3 million, respectively. During

2024, 2023, and 2022, the Corporation invested $14.6 million, $24.0 million, and $11.5 million in these partnerships, respectively. During 2024 and 2023, the Corporation recognized $7.6 million and $5.3 million in tax benefit, respectively, and $6.0 million and $4.1 million in amortization, respectively, related to these partnerships. Amortization is included in income tax expense in the accompanying Consolidated Statements of Income.

The Corporation’s equity investment in SBIC funds, consisting of Aldine Capital Fund II, LP, Aldine Capital Fund III, LP, Aldine Capital Fund IV, LP, and Northstar Capital Fund, LP totaled $12.9 million and $13.5 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the Corporation has $8.9 million remaining of the original $20.0 million commitment to these partnerships. 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, 2024, 2023, and 2022 was $1.9 million, $4.8 million, and $3.0 million, respectively. The Corporation’s share of these partnerships’ losses included in other non-interest expense in the Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022 was $69,000, $101,000, and $0, respectively.

The Corporation’s equity investment in Dane Workforce Housing Fund LLC and Dane Workforce Housing Fund II LLC, a Wisconsin limited liability company focused on community development by providing affordable workforce housing units in Dane County, Wisconsin, totaled $1.1 million and $916,000 as of December 31, 2024 and 2023, respectively. The Corporation has $853,000 remaining of the original $2.0 million commitment to these investments as of December 31, 2024. The Corporation’s share of the investment fund’s income included in other non-interest income in the Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022 was $16,000, $13,000, and $8,000, respectively. The Corporation’s share of this partnerships’ losses included in other non-interest expense in the Consolidated Statements of Income for the year ended December 31, 2024 was $10,000. There were no losses related to this investment during the years ended December 31, 2023 and 2022.

The Corporation’s equity investment in BankTech Ventures, LP, a venture capital fund, focused on the community banking industry through strategic investments in growth-stage startups that directly support community banking needs, totaled $622,000 and $569,000 as of December 31, 2024 and 2023, respectively. The Corporation had a $380,000 commitment remaining of the original $1.0 million as of December 31, 2024. The Corporation’s share of the investment fund’s income included in other non-interest income in the Consolidated Statements of Income for the years ended December 31, 2024 and 2023 was $14,000 and $211,000, respectively. There was no income related to this investment during the years ended December 31, 2022. The Corporation’s share of this partnerships’ losses included in other non-interest expense in the Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022 was $19,000, $2,000 and $21,000, respectively.

A summary of accrued interest receivable and other assets was as follows:


	December 31, 2024		December 31, 2023
	(In Thousands)
Accrued interest receivable	$	12,879	$	13,275
Net deferred tax asset		12,599		9,508
Investment in historic development entities		4,133		2,393
Investment in low-income housing development entities		40,259		33,303
Investment in limited partnerships		14,680		15,027
Prepaid expenses		4,221		4,269
Other assets		10,288		13,283
Total accrued interest receivable and other assets	$	99,059	$	91,058