Other Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other Assets

    A summary of other assets as of December 31, 2023 and 2022, is as follows:

(In Thousands)	2023	2022
Other assets:
Investment in Low Income Housing Partnerships	$27,992	$17,289
Interest rate swaps not designated as hedging instruments, at fair value	10,470	12,725
Deferred taxes, net	5,764	11,367
Accrued interest receivable	11,958	9,937
Bank owned life insurance, net	3,837	4,345
Prepaid expenses	2,627	2,358
Commercial servicing rights, at fair value	2,200	2,129
Equity method investments	1,260	1,925
Taxes receivable	1,726	1,749
Software	740	1,741
Interest rate lock commitments	342	440
Other assets	2,873	2,841
Total	$71,789	$68,846

Low Income Housing Partnerships: The following table shows the Company's commitments to invest in various LIHTC partnerships. The Company earns a return on its investments in the form of tax credits and deductions that flow through to it as a limited partner in these partnerships.  The Company recognized amortization expense of $3.6 million, $3.4 million, and $3.5 million in 2023, 2022, and 2021, respectively.  The Company expects to fund its remaining $14.0 million in commitments on these investments through 2038.

(In Thousands)	Date of original commitment	Years over which tax benefits are earned	Original commitment amount	Less: life to date contributions	Remaining commitment amount
USA 57	December 2006	15	3,000	(3,000)	—
WNC	December 2012	16	2,500	(2,500)	—
R4 - Coronado	March 2013	17	10,729	(10,654)	75
R4 - MVV	May 2014	17	8,528	(8,388)	140
R4 - PJ33	June 2016	17	6,835	(6,677)	158
R4 - Coronado II	July 2019	17	7,302	(7,047)	255
R4 - Duke Apartments	November 2019	17	3,985	(3,768)	217
R4 - Aspen House	July 2023	17	8,534	(632)	7,902
R4 - Old Mat II	July 2023	17	5,739	(525)	5,214
Total			$57,152	($43,191)	$13,961