Note 10 - Investments in Affordable Housing Partnerships

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Investments In Affordable Housing Partnerships [Text Block]

NOTE

10

:     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

fifteen

-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, 2019

and

2018,

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

$6,663,662

and

$4,550,896,

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

The Company received total income tax credits of

$1,183,140,

$1,324,581

and

$1,871,058

during

2019,

2018

and

2017,

respectively. Amortization of the investment costs was

$1,041,863,

$1,120,363

and

$1,531,527

during each of the fiscal years

2019,

2018

and

2017,

respectively.