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Note 4 - Qualified Affordable Housing Project Investment | 3 Months Ended
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Mar. 31, 2019
Notes to Financial Statements |
Investment [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 March 31, 2019 and December 31, 2018, the balance of the Bank’s investment was $3.5 million and $3.6 million, respectively, and is reflected in other assets on the consolidated balance sheet. The unfunded commitment related to the qualified affordable housing project investment at March 31, 2019 and December 31, 2018 was $2.8 million and $2.9 million, respectively, 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 each of the three month periods ended March 31, 2019 and 2018, the Bank recognized amortization expense of $82,000, which was included in income tax expense on the consolidated statements of income. Additionally, during the three month periods ended March 31, 2019 and 2018, the Bank recognized tax credits and other tax benefits from its qualified affordable housing project investment of $125,000 and $98,000, respectively.

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