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Variable Interest Entities
 9 Months Ended
Sep. 30, 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 September 30, 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
September 30,
 
2024 and December
 
31, 2023, respectively,
 
the Company
 
had one such
 
investment of $1.0
 
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
$
990
$
990
Other assets