Note 7 - Other Assets

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Other Assets Disclosure [Text Block]

(7) Other Assets

A summary of the major components of other assets follows:

	September 30,		December 31,
(in thousands)	2022		2021
Cash surrender value of life insurance other than BOLI	$	14,804	$	17,875
Net deferred tax asset		55,440		24,340
Investments in tax credit related ventures		14,147		11,084
Swap assets		11,589		3,148
Prepaid assets		5,157		4,469
Trust fees receivable		3,172		2,868
Mortgage servicing rights		15,904		4,528
Other real estate owned		996		7,212
Other		14,763		10,478
Total other assets	$	135,972	$	86,002

Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans.

Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. For additional information, see the footnote titled “Interest Rate Swaps.”

For additional information related to MSRs, see the footnote titled “Mortgage Banking Activities.”