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Other Assets
12 Months Ended
Dec. 31, 2019
Other Assets [Abstract]  
Other Assets

8.       OTHER ASSETS

Other assets consisted of the following (dollars in thousands):

 

 

 

 

 

 

 

 

 

December 31,

 

    

2019

    

2018

Accrued interest receivable

 

$

8,229

 

$

8,587

Deferred tax assets

 

 

3,463

 

 

8,654

Investment in qualified affordable housing projects

 

 

4,104

 

 

5,905

Investment in limited partnerships

 

 

2,722

 

 

3,049

Federal Home Loan Bank stock, at cost

 

 

10,727

 

 

9,894

Other

 

 

16,670

 

 

14,475

 

 

$

45,915

 

$

50,564

 

The Company has invested in limited partnerships that operate qualified affordable housing projects to receive tax benefits in the form of tax deductions from operating losses and tax credits. The Company accounts for these investments under the cost method and management analyzes these investments annually for potential impairment. The Company had $2,906,000 in remaining capital commitments to these partnerships at December 31, 2019.

The Company holds certain equity investments that are not readily marketable securities and thus are classified as “other assets” on the Company’s balance sheet. These include investments in Pacific Coast Bankers Bancshares, California Economic Development Lending Initiative, and the Federal Home Loan Bank (“FHLB”). The largest of these is the Company’s $10,727,000 investment in FHLB stock, carried at cost. Quarterly, the FHLB evaluates and adjusts the Company’s minimum stock requirement based on the Company’s borrowing activity and membership requirements. Any stock deemed in excess is automatically repurchased by the FHLB at cost.