Note 6 - Investments in Affordable Housing Partnerships

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Investments In Affordable Housing Partnerships [Text Block]

NOTE

6:

     INVESTMENTS IN AFFORDABLE HOUSING PARTNERSHIPS

The Company has purchased investments in limited partnerships that were formed to operate low-income housing apartment complexes and single-family housing units throughout Missouri. Effective

January

2015,

the investments are accounted for under the proportional amortization method if certain conditions are met. The Company does not have the ability to exert significant influence over the partnerships. For a minimum

15

year compliance period, each partnership must adhere to affordable housing regulatory requirements in order to maintain the utilization of the tax credits. At

December

31,

2016

and

2015,

the net carrying values of the Company’s investments in these entities was

$1,871,582

and

$2,688,704,

respectively, and are included in other assets on the Company’s Consolidated Balance Sheets.

The Company received income tax credits of

$1,221,394,

$1,221,394

and

$1,221,394

during

2016,

2015

and

2014,

respectively. Amortization of the investment costs was

$817,122,

$885,478

and

$885,478

during each of the fiscal years

2016,

2015

and

2014.