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Variable Interest Entities
9 Months Ended
Sep. 30, 2022
Variable Interest Entity [Abstract]  
Variable Interest Entity (Text Block Disclosure]
NOTE 3:
 
VARIABLE INTEREST ENTITIES
Generally, a variable
 
interest entity (“VIE”)
 
is a corporation, partnership,
 
trust or other legal
 
structure that
 
does not have
equity investors with
 
substantive
 
or proportional voting
 
rights or has equity
 
investors that
 
do not provide
 
sufficient financial
resources for the entity to
 
support its activities.
 
At September 30,
 
2022, the Company
 
did not have any
 
consolidated VIEs
 
to disclose but did
 
have one nonconsolidated
VIE, discussed below.
New Markets Tax Credit Investment
The New Markets
 
Tax Credit (“NMTC”)
 
program
 
provides federal tax
 
incentives to investors
 
to make
 
investments in
distressed communities and
 
promotes economic improvement
 
through
 
the development
 
of successful businesses in
 
these
communities.
 
The
 
NMTC is
 
available to investors
 
over seven
 
years and
 
is subject to recapture if certain
 
events
 
occur
during such
 
period.
 
At September 30,
 
2022 and
 
December 31, 2021, respectively,
 
the Company
 
had one such
 
investment
 
in
the amounts
 
of $2.1 million and
 
$2.2 million, respectively, which
 
was included
 
in other assets in
 
the consolidated balance
sheets.
 
The
 
Company’s equity investment
 
in the NMTC
 
entity meets the
 
definition of a
 
VIE. While the Company’s
investment
 
exceeds 50% of the
 
outstanding
 
equity interests, the Company
 
does not consolidate the VIE
 
because it
 
does not
meet the characteristics of a
 
primary
 
beneficiary since the
 
Company
 
lacks the power
 
to direct the activities
 
of the VIE.
(Dollars
 
in thousands)
Maximum
Loss Exposure
Asset Recognized
Classification
Type:
New Markets Tax
 
Credit investment
$
2,126
$
2,126
Other assets