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Sale of the asset management unit and discontinued operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
3.    Sale of the asset management unit and discontinued operations
 
On April 2, 2013, the Bank reached a definitive agreement to sale its asset management unit (the “Management Unit”) to Alpha4X Asset Management, LLC and related companies (“Alpha4X”). Alpha 4X Asset Management, LLC is a company majority-owned by former executives of the Management Unit. The sale closed in the second quarter of 2013.
 
The sale resulted in a gain of $455 thousand, which was reported in net loss from discontinued operations in the consolidated statements of income in the second quarter of 2013. The Bank applied discontinued operations accounting to the operations of the Management Unit in accordance with ASC Topic 205-20 – Presentation of Financial Statements – Discontinued Operations.
 
The following table summarizes the operating results of the discontinued operations:
 
 
 
Year ended December 31
 
 
 
2014
 
2013
 
2012
 
Other income:
 
 
 
 
 
 
 
 
 
 
Fees and commissions (1)
 
 
-
 
 
610
 
 
2,683
 
Other income
 
 
-
 
 
468
 
 
20
 
 
 
 
-
 
 
1,078
 
 
2,703
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
Salaries and other employee expenses
 
 
-
 
 
373
 
 
1,535
 
Depreciation and amortization
 
 
-
 
 
8
 
 
21
 
Professional services
 
 
-
 
 
462
 
 
699
 
Maintenance and repairs
 
 
-
 
 
1
 
 
7
 
Other operating expenses
 
 
-
 
 
238
 
 
1,122
 
Total operating expenses
 
 
-
 
 
1,082
 
 
3,384
 
Net gain (loss) from discontinued operations
 
 
-
 
 
(4)
 
 
(681)
 
  
(1)
Includes management fees from investment funds for $567 thousand and $2,588 thousand in 2013 and 2012, respectively