XML 80 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Qualified Affordable Housing Projects
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Qualified Affordable Housing Projects
Investments in Qualified Affordable Housing Projects
(In Thousands)
The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. At December 31, 2018 and December 31, 2017, the Company’s carrying value of QAHPs was $6,037 and $7,637, respectively. During the first quarter of 2017, the Company sold its interest in a limited liability partnership which reduced the carrying value of the investment in QAHPs by approximately $2,450. On July 1, 2017, the Company acquired $5,481 in QAHPs in its acquisition of Metropolitan. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets.
Components of the Company’s investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows:
 
Year Ended
 
December 31,
 
2018
 
2017
Investment amortization
$
1,592

 
$
1,714

Tax credits and other benefits
(2,290
)
 
(2,190
)
Total
$
(698
)
 
$
(476
)