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Note 10 - Cash Surrender Value of Life Insurance

12 Months Ended

Dec. 31, 2015

Cash Surrender Value Of Life Insurance Policy [Abstract]

Cash Surrender Value Of Life Insurance Policy [Text Block]

Note 10.

Cash Surrender Value of Life Insurance

The Bank had an investment in, and was the beneficiary of, life insurance policies. The purpose of these life insurance investments was to provide income through the appreciation in the cash surrender value of the policies on the lives of certain officers, directors and employees of the Bank. During 2014, the Bank’s policy was liquidated. Accordingly, the policy had no cash surrender value at December 31, 2015 and 2014. Income earned on these life insurance policies aggregated $0, $439,000 and $523,000 for the years ended December 31, 2015, 2014 and 2013, respectively, and is included in non-interest income. The Bank liquidated its BOLI policies in December 2014 and used the proceeds to purchase residential mortgage loans which had higher yields than those provided by the BOLI policies. During 2014, liquidation of the BOLI policies resulted in one time charges of $455,000 to non-interest income, $437,000 to non-interest expense and $1.7 million to provision for income taxes.