Note 6 - Equity and Other Investments	12 Months Ended
Dec. 31, 2023
Notes to Financial Statements
Investments and Other Noncurrent Assets [Text Block]	NOTE 6. EQUITY AND OTHER INVESTMENTS Equity investments are carried at fair value, with changes in fair value reported in net income. See Note 4. Fair Value Measurements for information regarding the nature and fair values of the investments reflected on the accompanying consolidated balance sheets as Equity Investments. We are a member bank of the Federal Home Loan Bank ("FHLB") system. Members are required to own a certain amount of stock based on the level of borrowings from FHLB and other factors. FHLB stock is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income as earned. This stock totaled $14.4 million and $11.3 million at December 31, 2023 and 2022 and is included in Other Investments on the accompanying consolidated balance sheets. We have invested in four limited partnerships which own interests in diversified portfolios of qualified affordable housing projects. Also, we have purchased substantially all the interest in a limited liability company owning a qualified rehabilitated multi-family housing project. As result of these investments, Summit is allocated its proportional share of each investees’ operating losses and Federal Low-Income Housing and Rehabilitation Tax Credits. We use the proportional amortization method to account for each of these investments, whereby the cost of the investment is amortized in proportion to the amount of tax credits and other tax benefits received, and the net investment performance is recognized in the consolidated statements of income as a component of the provision for current income taxes. As of December 31, 2023 and 2022, our carrying value of these investments totaled $6.6 million and $4.8 million, respectively, and is included in Other Investments on the accompanying consolidated balance sheets. For the years ended December 31, 2023, 2022 and 2021, we realized $1,590,000, $1,309,000 and $1,087,000, respectively, in tax credits and other tax benefits on these investments, against which we amortized these investments $1,162,000, $1,177,000 and $877,000 and recognized income tax benefits of $200,000, $214,000 and $206,000.

Note 6 - Equity and Other Investments

12 Months Ended

Dec. 31, 2023

Investments and Other Noncurrent Assets [Text Block]

NOTE 6. EQUITY AND OTHER INVESTMENTS

Equity investments are carried at fair value, with changes in fair value reported in net income. See Note 4. Fair Value Measurements for information regarding the nature and fair values of the investments reflected on the accompanying consolidated balance sheets as Equity Investments.

We are a member bank of the Federal Home Loan Bank ("FHLB") system. Members are required to own a certain amount of stock based on the level of borrowings from FHLB and other factors. FHLB stock is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income as earned. This stock totaled $14.4 million and $11.3 million at December 31, 2023 and 2022 and is included in Other Investments on the accompanying consolidated balance sheets.

We have invested in four limited partnerships which own interests in diversified portfolios of qualified affordable housing projects. Also, we have purchased substantially all the interest in a limited liability company owning a qualified rehabilitated multi-family housing project. As result of these investments, Summit is allocated its proportional share of each investees’ operating losses and Federal Low-Income Housing and Rehabilitation Tax Credits. We use the proportional amortization method to account for each of these investments, whereby the cost of the investment is amortized in proportion to the amount of tax credits and other tax benefits received, and the net investment performance is recognized in the consolidated statements of income as a component of the provision for current income taxes. As of December 31, 2023 and 2022, our carrying value of these investments totaled $6.6 million and $4.8 million, respectively, and is included in Other Investments on the accompanying consolidated balance sheets. For the years ended December 31, 2023, 2022 and 2021, we realized $1,590,000, $1,309,000 and $1,087,000, respectively, in tax credits and other tax benefits on these investments, against which we amortized these investments $1,162,000, $1,177,000 and $877,000 and recognized income tax benefits of $200,000, $214,000 and $206,000.