Note 9 - Other Assets

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Other Assets Disclosure [Text Block]

(9) Other Assets

A summary of major components of other assets follows:

December 31, (in thousands)	2022		2021
Cash surrender value of life insurance other than BOLI	$	15,496	$	17,875
Net deferred tax asset		54,145		24,340
Investments in tax credit partnerships		13,969		11,084
Swap assets		10,727		3,148
Prepaid assets		5,721		4,469
Trust fee receivable		3,354		2,868
Mortgage servicing rights		15,219		4,528
Other real estate owned		677		7,212
Other		15,680		10,478
Total other assets	$	134,988	$	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.”