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Low Income Housing Tax Credits
9 Months Ended
Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Low Income Housing Tax Credit
Low Income Housing Tax Credits

The Company has invested in four separate housing equity funds at September 30, 2016 and December 31, 2015. 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 $8.50 million and $9.03 million at September 30, 2016 and December 31, 2015, respectively. The expected terms of these investments and the related tax benefits run through 2033. Tax credits and other tax benefits recognized during the three months ended September 30, 2016 and 2015 were $110,000 and $36,000, respectively, and for the nine months ended September 30, 2016 and 2015, were $345,000 and $178,000, respectively, related to these investments. Total projected tax credits to be received for 2016 are $504,000, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $8.71 million and $9.31 million at September 30, 2016 and December 31, 2015, respectively, and are included in other liabilities on the consolidated balance sheets.