XML 41 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits
3 Months Ended
Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Low Income Housing Projects [Text Block]
LOW INCOME HOUSING PROJECT INVESTMENTS
The Company has invested in low income housing projects that generate Low Income Housing Tax Credits (“LIHTC”) which provide the Company with tax credits and operating loss tax benefits over a period of approximately 15 years. None of the original investment is expected to be repaid.

The following table presents certain information related to the Company's investments in low income housing projects as of the dates indicated:
 
March 31
2018
 
December 31
2017
 
 
(Dollars in thousands)
 
Original investment value
$
47,408

 
$
47,399

 
Current recorded investment
34,153

 
35,225

 
Unfunded liability obligation
3,332

 
4,536

 
Tax credits and benefits
5,494

(1)
5,654

 
Amortization of investments
4,330

(2)
4,402

(4)
Net income tax benefit
1,165

(3)
1,253

 
(1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2018.
(2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2018.
(3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2018 in determining the Company's effective tax rate.
(4) The 2017 amount is inclusive of $466,000 related to the revaluation of Low Income Housing tax credit investments as a result of the Tax Act.