XML 30 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
Low-Income Housing Tax Credits
12 Months Ended
Dec. 31, 2015
Investments in Affordable Housing Projects [Abstract]  
Low-Income Housing Tax Credits [Text Block]
NOTE 7, Low-Income Housing Tax Credits

The Company was invested in four separate housing equity funds at December 31, 2015 and three separate funds at December 31, 2014. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, deliver Federal Low Income Housing Credits to investors, allocate tax losses and other possible tax benefits to investors, and preserve and protect project assets.

The investments in these funds were recorded as other assets on the consolidated balance sheets and were $4.2 million and $722 thousand at December 31, 2015 and December 31, 2014, respectively. The expected terms of these investments and the related tax benefits run through 2032. During the years ended December 31, 2015 and 2014, the Company recognized tax credits and other tax benefits related to these investments of $365 thousand and $477 thousand, respectively. Total tax credits received for 2015 were $274 thousand, which is based on the most recent quarterly estimates received from the funds.  Additional committed capital calls expected for the funds totaled $3.0 million and $2.7 million at December 31, 2015 and December 31, 2014, respectively, and are recorded in accrued expenses and other liabilities on the corresponding consolidated balance sheet.