Note 8 - Investments in Affordable Housing Partnerships

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Investments In Affordable Housing Partnerships [Text Block]

NOTE 8: INVESTMENTS IN AFFORDABLE HOUSING PARTNERSHIPS

The Company has purchased investments in limited partnerships that were formed to operate low-income housing apartment complexes and single-family housing units throughout Missouri. The investments are accounted for under the proportional amortization method if certain conditions are met. The Company does not have the ability to exert significant influence over the partnerships. For a minimum fifteen-year compliance period, each partnership must adhere to affordable housing regulatory requirements in order to maintain the utilization of the tax credits. At December 31, 2021 and 2020, the net carrying values of the Company’s investments in these entities was $5,377,945 and $5,712,577, respectively, and are included in other assets on the Company’s Consolidated Balance Sheets.

The Company received total income tax credits of $854,397, $1,056,493 and $1,183,140 during 2021, 2020 and 2019, respectively. Amortization of the investment costs was $740,975, $937,270 and $1,041,863 during each of the fiscal years 2021, 2020 and 2019, respectively.