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Note 4 - Qualified Affordable Housing Project Investment | 3 Months Ended
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Mar. 31, 2022
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, 2022 and December 31, 2021, the balance of the Bank’s investment was $2.4 million and $2.5 million, respectively, and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the qualified affordable housing project investment was $216,000 at March 31, 2022 and December 31, 2021 and is reflected in other liabilities on the consolidated balance sheets. 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, 2022 and 2021, the Bank recognized amortization expense of $89,000 which was included in income tax expense on the consolidated statements of income. Additionally, during the three month periods ended March 31, 2022 and 2021, the Bank recognized tax credits and other tax benefits from its qualified affordable housing project investment of $105,000 and $106,000, respectively.

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