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Note 7 - Investments in Affordable Housing
12 Months Ended
Dec. 31, 2014
Investments In Affordable Housing [Abstract]  
Investments In Affordable Housing [Text Block]

7.     Investments in Affordable Housing


      The Company has invested in certain limited partnerships that were formed to develop and operate housing for lower-income tenants throughout the United States. The Company’s investments in these partnerships were $104.6 million at December 31, 2014, and $84.1 million at December 31, 2013. At December 31, 2014, and December 31, 2013, seven of the limited partnerships in which the Company has an equity interest were determined to be variable interest entities for which the Company is the primary beneficiary. The consolidation of these limited partnerships in the Company’s Consolidated Financial Statements increased total assets and liabilities by $24.8 million at December 31, 2014, and by $23.8 million at December 31, 2013. Other borrowings for affordable housing limited partnerships were $19.9 million at December 31, 2014, and $19.1 million at December 31, 2013; recourse is limited to the assets of the limited partnerships. Unfunded commitments for affordable housing limited partnerships of $22.0 million as of December 31, 2014, and $7.0 million as of December 31, 2013, were recorded under other liabilities.


       Each of the partnerships must meet regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken is subject to recapture with interest. The remaining tax credits to be utilized over a multiple-year period are $57.7 million for Federal and $1.4 million for state at December 31, 2014. The Company’s usage of tax credits approximated $10.2 million in 2014, $9.8 million in 2013, and $9.2 million in 2012. Losses in excess of the Bank’s investment in two limited partnerships have not been recorded in the Company’s Consolidated Financial Statements because the Company had fully satisfied all capital commitments required under the respective limited partnership agreements.