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Note 6 - Renewable Energy Tax Credit Investment | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Renewable Energy Tax Credit Investment [Text Block] | 6. Renewable Energy Tax Credit Investment On April 21, 2023, the Bank entered into an agreement to invest in investment tax credits generated by a solar energy producing facility through a limited liability company. At June 30, 2023, the balance of the Bank’s investment was $2.0 million, and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the solar energy tax credit investment was $1.9 million at June 30, 2023 and is reflected in other liabilities on the consolidated balance sheets. The Bank expects to fulfill the commitment as capital calls are made by December 31, 2023. In addition, in order to facilitate the loan to be obtained by the entity constructing the qualified solar energy producing facility, the Bank has obtained a $2.0 million standby letter of credit through the FHLB for the Bank’s total committed investment. The letter of credit was issued June 2, 2023 and expires April 30, 2024.

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