Note 18 - Subsequent Events

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

18. SUBSEQUENT EVENTS

On April 20, 2016, the Company’s Board of Directors declared a $0.025 cash dividend per common share payable on May 16, 2016, to shareholders of record at the close of business on May 2, 2016. Also, on April 20, 2016, the Company’s board of directors approved an extension of the Repurchase Program, until the earlier to occur of (i) the repurchase authority under the Repurchase Program (subject to subsequent increases by the board) has been expended or (ii) the board’s determination and action to terminate the Repurchase Program. Additionally, on April 20, 2016, the board increased the repurchase authority under the Repurchase Program to $2 million. Prior to such approval, the Repurchase Program had remaining repurchase authority of approximately $1.7 million.

On April 29, 2016, as previously announced, the Bank consolidated six of its retail branch locations. Customer accounts affected by these consolidations will be automatically transferred to the next most convenient location.