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Note 5 - Premises, Equipment and Other Assets
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Other Assets Disclosure [Text Block]
Note
5:
Premises, Equipment and Other Assets
 
Premises and equipment consisted of the following:
 
    At December 31,
    Cost   Accumulated Depreciation and Amortization   Net Book Value
    (In thousands)
2017            
Land   $
11,796
    $
-
    $
11,796
 
Building and improvements    
41,641
     
(26,249
)    
15,392
 
Leasehold improvements    
5,817
     
(4,790
)    
1,027
 
Furniture and equipment    
22,284
     
(15,198
)    
7,086
 
Total   $
81,538
    $
(46,237
)   $
35,301
 
2016                        
Land   $
11,896
    $
-
    $
11,896
 
Building and improvements    
40,992
     
(25,180
)    
15,812
 
Leasehold improvements    
5,922
     
(4,599
)    
1,323
 
Furniture and equipment    
21,874
     
(14,339
)    
7,535
 
Total   $
80,684
    $
(44,118
)   $
36,566
 
 
 
Depreciation and amortization of premises and equipment included in noninterest expense amounted to
$3,925
thousand in
2017,
$3,959
thousand in
2016
and
$3,523
thousand in
2015.
 
Other assets consisted of the following:
 
    At December 31,
    2017   2016
    (In thousands)
Cost method equity investments:        
    Federal Reserve Bank stock
(1)
  $
14,069
    $
14,069
 
    Other investments    
158
     
201
 
        Total cost method equity investments    
14,227
     
14,270
 
Life insurance cash surrender value    
54,101
     
51,535
 
Net deferred tax asset    
33,112
     
55,417
 
Limited partnership investments    
10,119
     
12,591
 
Interest receivable    
23,557
     
21,489
 
Prepaid assets    
4,906
     
4,825
 
Other assets    
18,428
     
11,597
 
    Total other assets   $
158,450
    $
171,724
 
 
(
1
)
A bank applying for membership in the Federal Reserve System is required to subscribe to stock in the Federal Reserve Bank (FRB) in its district in a sum equal to
six
percent of the bank’s paid-up capital stock and surplus. One-half of the amount of the bank's subscription shall be paid to the FRB and the remaining half will be subject to call when deemed necessary by the Board of Governors of the Federal Reserve System.
 
The Company invests in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits. At
December 31, 2017,
this investment totaled
$10,119
thousand and
$2,299
  thousand of this amount represents outstanding equity capital commitments that are included in other liabilities. At
December 31, 2016,
this investment totaled
$12,591
thousand and
$2,299
  thousand of this amount represented outstanding equity capital commitments. At
December 31, 2017,
the
$2,299
thousand of outstanding equity capital commitments are expected to be paid as follows,
$722
thousand in
2020,
$131
thousand in
2023,
$90
thousand in
2024
and
$1,356
thousand in
2025
or thereafter.
 
The amounts recognized in net income for these investments include:
 
    For the Years Ended December 31,
    2017   2016   2015
    (In thousands)
Investment loss included in pre-tax income   $
1,800
    $
2,475
    $
2,850
 
Valuation impairment included in pre-tax income    
625
     
-
     
-
 
Tax credits recognized in provision for income taxes    
1,850
     
2,286
     
2,650
 
 
The
$625
thousand valuation impairment recognized in
2017
was due to a decline in future expected federal tax benefits due to the reduction in the federal corporate tax rate upon enactment of the Tax Cuts and Jobs Act of
2017.