XML 51 R36.htm IDEA: XBRL DOCUMENT v3.3.1.900
Low Income Housing Tax Credits (Notes)
12 Months Ended
Dec. 31, 2015
Federal Home Loan Banks [Abstract]  
Low Income Housing Tax Credits
Low Income Housing Tax Credits

The Company invested in four and three separate housing equity funds at December 31, 2015 and 2014, respectively. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, deliver Federal Low Income Housing Credits to investors, allocate tax losses and other possible tax benefits to investors, and to preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $9.0 million and $6.5 million at December 31, 2015 and 2014, respectively. The expected terms of these investments and the related tax benefits run through 2033. Tax credits and other tax benefits recognized during the years ended December 31, 2015, 2014 and 2013 were $120,000, $211,000 and $6,000, respectively, related to these investments. Total projected tax credits to be received for 2015 are $237,000, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $9.3 million and $6.8 million at December 31, 2015 and 2014, respectively, and are included in other liabilities on the consolidated balance sheets.