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Note 20 - Subsequent Event
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Subsequent Events [Text Block]
Note
20.
Subsequent Event
 
During the year ended
December
31,
2016,
the Bank realized an approximate
$3.0
million loss related to a single Commercial and Industrial loan. Loss on the loan was fully reserved against during the year and the loan was charged off in the
fourth
quarter of
2016,
during which period management commenced recovery efforts across all available avenues, including insurance coverage and claims against
third
parties. Potential insurance coverage, under which the Bank sought recovery of the loan amount, included a Financial Institution Bond with a limit of liability of
$5,000,000
above a
$50,000
deductible.
 
In
March
2017,
the Bank reached a settlement agreement with its insurance carrier, resulting in cash receipts of
$2.8
million, net of related deductibles and other amounts excluded pursuant to the insurance policy.