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Note 4 - Qualified Affordable Housing Project Investment | 9 Months Ended
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Sep. 30, 2018
Notes to Financial Statements |
Affordable Housing Program [Text Block] |
4. | Qualified Affordable Housing Project Investment
On January 19, 2018, the Bank entered into an agreement to invest in qualified affordable housing projects through a limited liability company. At September 30, 2018, the balance of the Bank’s investment was $3.7 million and is reflected in other assets on the consolidated balance sheet. The unfunded commitment related to the qualified affordable housing project investment was $3.3 million at September 30, 2018 and is reflected in other liabilities on the consolidated balance sheet. The Bank expects to fulfill the commitment as capital calls are made through 2029. The investment is accounted for using the proportional amortization method. During the three months ended September 30, 2018, the Bank recognized amortization expense of $82,000, which was included in income tax expense on the consolidated statement of income. Additionally, during the three months ended September 30, 2018, the Bank recognized tax credits and other tax benefits from its qualified affordable housing project investment of $98,000. During the nine months ended September 30, 2018, the Bank recognized amortization expense of $247,000, included in income tax expense on the consolidated statement of income and tax credits and other tax benefits from its qualified affordable housing project investment of $295,000.

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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -URI http://asc.fasb.org/topic&trid=2209208 + Details
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