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Bank Owned Life Insurance
12 Months Ended
Dec. 31, 2015
Insurance [Abstract]  
Bank Owned Life Insurance
Bank Owned Life Insurance

We have purchased life insurance policies on the lives of certain officers designated by the Board of Directors to finance employee benefit programs as of December 31, 2015. Death benefits provided under the specific terms of these programs are estimated to be $64.1 million at December 31, 2015 and the benefits to employees' beneficiaries are limited to the employee's active service period. The investment in bank owned life insurance policies are reported in interest receivable and other assets at their cash surrender value of $29.5 million and $28.6 million at December 31, 2015 and December 31, 2014, respectively. The cash surrender value includes both the original premiums paid for the life insurance policies and the accumulated accretion of policy income since inception of the policies. Income of $814 thousand, $841 thousand and $954 thousand was recognized on the life insurance policies in 2015, 2014 and 2013, respectively. 2013 BOLI income includes a $228 thousand benefit realized on the death of an insured employee. We regularly monitor the credit ratings of our insurance carriers to ensure that they are in compliance with our policy.