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Variable Interest Entities | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024, the Company did not have any consolidated VIEs but did have one nonconsolidated VIE, discussed below. New Markets Tax Credit Investment The 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. NMTCs are available to investors over seven years and are subject to recapture if certain events occur during such period. At March 31, 2024 and December 31, 2023, respectively, the Company had one such investment of $1.2 million and $1.7 million, respectively, which was 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 interest 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. On March 29, 2023, the FASB issued ASU 2023-02, which was effective beginning in 2024 for public business entities. We have adopted ASU 2023-02 as of January 1, 2024 with respect to accounting for our NMTC investment. The proportional amortization method results in the tax credit investment being amortized in proportion to the allocation of tax credits and other tax benefits in each period and a net presentation within the income tax line item. The cumulative effects of the change in accounting standard resulted in a $0.4 million pre-tax decrease in the Company’s NMTC investment at January 1, 2024. See Note 1: Summary of Significant Accounting Policies – Accounting Standards Adopted in 2024. (Dollars in thousands) Maximum Loss Exposure Asset Recognized Classification Type: New Markets Tax Credit investment $ 1,175 $ 1,175 Other assets

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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