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Bank Owned Life Insurance
12 Months Ended
Dec. 31, 2016
Insurance [Abstract]  
Bank Owned Life Insurance
Bank Owned Life Insurance

We own life insurance policies on the lives of certain officers designated by the Board of Directors to finance employee benefit programs, and death benefits provided under the specific terms of these programs are estimated to be $71.0 million at December 31, 2016. 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 $32.4 million and $29.5 million at December 31, 2016 and 2015, 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 $844 thousand, $814 thousand and $841 thousand was recognized on the life insurance policies in 2016, 2015 and 2014, respectively. We regularly monitor the credit ratings of our insurance carriers to ensure that they are in compliance with our policy.