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Variable Interest Entities
 6 Months Ended
Jun. 30, 2024
Variable Interest Entity [Abstract]  
Variable Interest Entity (Text Block Disclosure]
NOTE 3: VARIABLE
 
INTEREST ENTITIES
Generally, a variable interest entity (“VIE”)
 
is a corporation, partnership, trust or other legal structure that does not have
equity investors with substantive or proportional voting rights or has equity investors
 
that do not provide sufficient financial
resources for the entity to support its activities.
 
 
At June 30, 2024, the Company did not have any consolidated VIEs but did have one nonconsolidated
 
VIE, discussed
below.
New Markets Tax
 
Credit Investment
The
 
NMTC
 
program
 
provides
 
federal
 
tax
 
incentives
 
to
 
investors
 
to
 
make
 
investments
 
in
 
distressed
 
communities
 
and
promotes
 
economic
 
improvement
 
through
 
the
 
development
 
of
 
successful
 
businesses
 
in
 
these
 
communities.
 
NMTCs
 
are
available to investors
 
over seven
 
years and are
 
subject to recapture
 
if certain events
 
occur during
 
such period.
 
At June 30,
2024
 
and
 
December
 
31,
 
2023,
 
respectively,
 
the
 
Company
 
had
 
one
 
such
 
investment
 
of
 
$1.1
 
million
 
and
 
$1.7
 
million,
respectively,
 
which
 
was
 
included
 
in
 
other
 
assets
 
in
 
the
 
Company’s
 
consolidated
 
balance
 
sheets
 
as
 
a
 
VIE.
 
While
 
the
Company’s
 
investment exceeds
 
50% of
 
the outstanding
 
equity interest
 
in this
 
VIE, the
 
Company does
 
not consolidate
 
the
VIE because
 
the Company
 
lacks the
 
power to
 
direct the
 
activities of
 
the VIE,
 
and therefore
 
is not a
 
primary beneficiary
 
of
the VIE.
 
On March 29, 2023, the FASB
 
issued ASU 2023-02, which was effective beginning in 2024 for
 
public business entities.
We
 
have
 
adopted
 
ASU
 
2023-02
 
as
 
of
 
January
 
1,
 
2024
 
with
 
respect
 
to
 
accounting
 
for
 
our
 
NMTC
 
investment.
 
The
proportional amortization
 
method results in
 
the tax
 
credit investment
 
being amortized
 
in proportion
 
to the
 
allocation of
 
tax
credits and other tax
 
benefits in each
 
period and a
 
net presentation within
 
the income tax
 
line item.
 
The cumulative effects
of the
 
change
 
in
 
accounting
 
standard
 
resulted
 
in a
 
$0.4
 
million pre-tax
 
decrease
 
in
 
the
 
Company’s
 
NMTC
 
investment
 
at
January 1, 2024.
 
See Note 1:
 
Summary of Significant Accounting Policies – Accounting
 
Standards Adopted in 2024.
 
(Dollars in thousands)
Maximum
Loss Exposure
Asset Recognized
Classification
Type:
New Markets Tax Credit investment
$
1,082
$
1,082
Other assets