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Note 9 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

Note 9 .

Commitments and Contingencies


Operating leases


The Company has non-cancelable operating leases for seven of its branch banking offices and for administrative and operational activities, which expire on various dates through 2023. Most of the leases contain rent escalation provisions, as well as renewal options for one or more periods. Under these lease agreements, the Company is required to pay certain operating costs such as insurance and property taxes. The Company also leases certain equipment under cancelable and non-cancelable arrangements.


Future minimum rental commitments under the terms of these leases by year and in the aggregate, are as follows:


Years Ending

 

Amount

 

December 31,

 

(in thousands)

 
         

2015

  $ 1,363  

2016

    851   

2017

    344   

2018

    147   

2019

    148   

Thereafter

    324   
    $ 3,177   

Total rental expense, which is charged to operations on a straight line basis, for cancelable and non-cancelable operating leases was $1.6 million, $2.1 million and $2.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. During 2014 the Company leased excess space and recognized rental income of $353,000 for the year ended December 31, 2014. Income from subleases included in non-interest expense was $71,000 and $55,000 for the years ended December 31, 2013 and 2012, respectively.


Employment Agreements


The Company has one change of control agreement that entitles an officer to receive up to two and one-half times the greater of the officer’s base salary at the time or total compensation for the most recently completed fiscal year if a change of control occurs while such officer is a full time employee of the Company or within six months following termination of employment other than for cause or by reason of death or disability.


Legal Matters


Neither the Company nor the Bank has any pending legal proceedings, other than ordinary routine litigation, incidental to its business, to which the Company or the Bank is a party or any of its property is subject. Management and its legal counsel are of the opinion that the ultimate disposition of these routine matters will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity.