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Variable Interest Entity
12 Months Ended
Dec. 31, 2023
Variable interest entities [Abstract]  
Variable interest entity
 
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 December 31, 2023, the Company did not have any consolidated VIEs and
 
had one nonconsolidated VIE, which is
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.
 
The Company had one NMTC investment with a balance of
 
$1.7 million and $
2.1
 
million at
December 31, 2023 and 2022, respectively,
 
which is included in other assets in the Company’s
 
consolidated balance sheets
as a VIE. While the Company’s investment
 
exceeds 50% of the outstanding equity interests in this VIE, the Company does
not consolidate the VIE because the Company lacks the power to direct the activities of the
 
VIE, and therefore is not a
primary beneficiary of the VIE.
 
(Dollars in thousands)
Maximum
Loss Exposure
Asset Recognized
Classification
Type:
New Markets Tax Credit investment
$
1,708
$
1,708
Other assets