Investment in Limited Partnerships

12 Months Ended

Dec. 31, 2014

Investment in Limited Partnerships [Abstract]

Investment in Limited Partnerships

Note 8:Investment In Limited Partnerships

The investments in limited partnerships are as follows:

		2014		2013
Pedcor Investments 1997-XXVIII (99.00 percent ownership)	$	566	$	849
Pedcor Investments 1987-XXXI (49.5 percent ownership)		-		63
Pedcor Investments 2000-XLI (50.0 percent ownership)		330		412
Pedcor Investments 2001-LI (9.90 percent ownership)		85		107
Pedcor Investments 2008-CIII (21.50 percent ownership)		601		661
	$	1,582	$	2,092

These limited partnerships build, own and operate apartment complexes.  The Company records its equity in the net income or loss of the limited partnerships based on the Company’s interest in the partnerships.  The Company recorded losses from these limited partnerships of $385,000,  $453,000 and $498,000for 2014, 2013 and 2012, respectively.  In addition, the Company has recorded the benefit of low income housing tax credits of $107,000,  $159,000and $283,000 for 2014, 2013 and 2012, respectively.  Combined financial statements for the limited partnerships recorded under the equity method of accounting are as follows:

		2014		2013
Assets
Cash	$	394	$	474
Land and property		47,124		48,722
Other assets		2,737		2,258
Total assets	$	50,255	$	51,454
Liabilities
Notes payable	$	42,488	$	42,376
Other liabilities		1,359		1,375
Total liabilities	$	43,847	$	43,751
Partners' equity
General partners	$	(3,671)	$	(3,652)
Limited partners		10,079		11,355
Total partners' equity	$	6,408	$	7,703
Total liabilities and partners' equity	$	50,255	$	51,454

		2014		2013		2012
Combined condensed statements of operations
Total revenue	$	7,110	$	6,786	$	6,606
Total expenses		(7,655)		(7,472)		(6,905)
Net loss	$	(545)	$	(686)	$	(299)