XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Qualified Affordable Housing Project Investments (Notes)
6 Months Ended
Jun. 30, 2018
Federal Home Loan Banks [Abstract]  
Qualified Affordable Housing Project Investments
NOTE 12. Qualified Affordable Housing Project Investments    

The Company invests in qualified affordable housing projects. The general purpose of these investments is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, provide tax credits and other tax benefits to investors, and to preserve and protect project assets.
  
At June 30, 2018 and December 31, 2017, the balance of the investment for qualified affordable housing projects was $3.4 million and $2.5 million, respectively. These balances are reflected in Other assets on the Consolidated Balance Sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $1.9 million at June 30, 2018 and December 31, 2017. These balances are reflected in Other liabilities on the Consolidated Balance Sheets. The Company expects to fulfill these commitments by December 31, 2020, in accordance with the terms of the individual agreements.

During the three months ended June 30, 2018 and 2017, the Company recognized amortization expense of $43 thousand. During the six months ended June 30, 2018 and 2017, the Company recognized amortization expense of $86 thousand. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income.

Total estimated credits to be received during 2018 are $299 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during the three months ended June 30, 2018 and 2017, were $75 thousand and $58 thousand, respectively. Total tax credits and other tax benefits recognized during the six months ended June 30, 2018 and 2017, were $150 thousand and $116 thousand, respectively.