XML 51 R14.htm IDEA: XBRL DOCUMENT
v3.20.1

Joint Venture Investment (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments and Joint Ventures Disclosure | Investment in Joint Venture In 2008, we merged the assets of our wholly owned subsidiary, IBT Title and Insurance Agency, Inc. (“IBT Title”) into a 50/50 joint venture with Corporate Title Agency, LLC, a third-party business based in Traverse City, Michigan, to form CSS. The purpose of the joint venture was to help IBT Title expand its service area and to take advantage of economies of scale. As a 50% owner of the membership units of this entity, we account for our investment under the equity method of accounting, and our share of income and loss from the joint venture is included in noninterest income. The following tables provide financial information for CSS. Condensed Balance Sheets
| December 31
| 2019 |  | 2018
ASSETS |  |  |
Cash and cash equivalents | $ | 2,054 |  |  | $ | 1,844 |
Escrow funds | 1,659 |  |  | 3,337 |
Accounts receivable | 1,823 |  |  | 1,629 |
Premises and equipment | 562 |  |  | 466 |
Goodwill | 2,010 |  |  | 3,063 |
Title plants | 132 |  |  | 6,212 |
Other assets | 878 |  |  | 1,010 |
TOTAL ASSETS | $ | 9,118 |  |  | $ | 17,561 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Escrow funds payable | $ | 1,659 |  |  | $ | 3,337 |
Notes payable | 416 |  |  | 465 |
Other liabilities | 200 |  |  | 211 |
Members' equity | 6,843 |  |  | 13,548 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 9,118 |  |  | $ | 17,561 |
Condensed Statements of Income
| Year Ended December 31
| 2019 |  | 2018 |  | 2017
Income |  |  |  |  |
Title premiums and other fees | $ | 3,645 |  |  | $ | 3,013 |  |  | $ | 3,533 |
Property reports | 2,046 |  |  | 1,822 |  |  | 1,425 |
Appraisals | 9,370 |  |  | 9,526 |  |  | 9,121 |
Other income | 2,898 |  |  | 2,871 |  |  | 2,318 |
Total income | 17,959 |  |  | 17,232 |  |  | 16,397 |
Expenses |  |  |  |  |
Cost of services |  |  |  |  |
Property reports | $ | 1,101 |  |  | $ | 1,029 |  |  | $ | 821 |
Appraisals | 7,372 |  |  | 7,466 |  |  | 7,152 |
Other | 2,607 |  |  | 2,307 |  |  | 2,029 |
Compensation and benefits | 4,203 |  |  | 4,138 |  |  | 4,391 |
Occupancy and equipment | 836 |  |  | 804 |  |  | 739 |
Impairment of goodwill and title plants | 7,133 |  |  | — |  |  | — |
Other | 988 |  |  | 1,024 |  |  | 960 |
Total expenses | 24,240 |  |  | 16,768 |  |  | 16,092 |
Net (loss) income | $ | (6,281 | ) |  | $ | 464 |  |  | $ | 305 |
CSS is a limited liability company. Therefore, federal taxable income and deductions are passed through to the members, and no provision for federal income taxes is reflected in the condensed statements of income. During the second half of 2019, a new line of business was proposed by the CSS General Manager which did not interest us as it was unrelated to the Bank's core business. Subsequently, the General Manager of CSS chose to have a company valuation performed during the fourth quarter of 2019 for purposes of investor planning, and the independent, third-party valuation identified that CSS’ intangible assets required an impairment of $7,133. As a 50% owner of the membership units of CSS, we recognized the reduced value of our investment which resulted in a reduction to income of $3,566 in the fourth quarter of 2019. While we continually analyze all investments, there are no current plans to change our ownership or investment in CSS.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration