Variable Interest Entities

3 Months Ended

Sep. 30, 2024

Variable Interest Entities [Abstract]

Variable Interest Entities

(14)        Variable Interest Entities

Solar Tax Credit Investments

The Company makes non-marketable equity investments in entities that sponsor solar development projects that qualify for the Solar Tax Credit Program.  The purpose of these investments is to assist the Company in meeting its responsibilities under the Community Reinvestment Act (“CRA”), and to provide a return, primarily through the realization of tax benefits. The Company does not have controlling interest and is not the primary beneficiary for the solar tax credit investments, therefore the entity is not consolidated. The Company has determined that it is not the primary beneficiary due to its inability to direct activities that most significantly impact economic performance. The Company applies the proportional amortization method to subsequently measure its investment in solar tax credit projects.

The following table summarizes the Company’s solar tax credit investments and related unfunded commitments:

(In thousands)	September 30, 2024
Gross investment in solar tax credit investments	$	132
Accumulated amortization		-
Net investment in solar tax credit investments	$	132
Unfunded commitments for solar tax credit investments	$	2,868

The aggregate carrying value of the Company’s solar tax credit investments is included in accrued interest receivable and other assets within the Company’s consolidated statements of financial condition, and represents the Company’s maximum exposure to loss.