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Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity [Abstract]  
Stockholders' Equity



Note 16 – Stockholders’ equity



The Bank is subject to certain legal and regulatory restrictions on the amount of cash dividends it may declare.  Financial is a legal entity, separate and distinct from the Bank.  Financial currently does not have any significant sources of revenue other than cash dividends paid to it by its subsidiaries.  Both Financial and the Bank are subject to laws and regulations that limit the payment of cash dividends, including requirements to maintain capital at or above regulatory minimums.

In October, 2014, Financial’s board of directors authorized a share repurchase program that authorized Financial to buy back up to 100,000 shares of common stock on such terms and conditions as the Company deems favorable.  The plan expired in October, 2015 and no shares were repurchased under the plan.

On December 3, 2015, Financial closed a private placement of common stock pursuant to which it received gross proceeds of $11,520,000 by selling an aggregate of 1,000,000 shares of Financials’ Common Stock at a price of $11.52 per share, as part of a private placement (the “Common Stock Private Placement”).  Financial used $10,000,000 of the proceeds from the Common Stock Private Placement to prepay in full the 2012 Notes.