XML 49 R35.htm IDEA: XBRL DOCUMENT v3.22.4
Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsIn February 2023, Homestate Mortgage, LLC (“Homestate”) announced that it has ceased operations and the business has closed. As discussed in Note 1 above, the Company accounts for it's 30% interest in Homestate using the equity method of accounting. As of December 31, 2022, the Company's investment in Homestate is $556,000. As of December 31, 2022, Homestate has total assets of $2.1 million, total liabilities of $285,000, and total equity of $1.9 million. Pretax (loss) income from Homestate included in the Company's Statements of Consolidated Net Income for 2022, 2021, and 2020 is ($191,000), $302,000, and $492,000, respectively. As of March 6, 2023, the Company has no liabilities related to the closing of Homestate, and we expect to recover the book value of our investment when Homestate is legally dissolved and its assets liquidated over the statutory three-year winding up period. The Company does not consider the disposition of its investment in Homestate to be significant to the Company's operations, and it does not have a material impact on the Company's consolidated financial statements.