Subsequent Event

9 Months Ended

Sep. 30, 2016

Subsequent Event [Abstract]

Subsequent Event

Note 11 – Subsequent Event

On October 25, 2016, the Company declared a quarterly cash dividend of $0.075 per common share, payable November 25, 2016 to shareholders of record at the close of business November 11, 2016.

On October 28, 2016, the Company announced that the Bank has entered into an agreement  to purchase from Sunwest Bank a branch located at 4922 Bridgeport Way West, University Place, Washington (the “University Place Branch”). The Bank expects to acquire approximately $17.7 million of deposits for a core deposit premium of 3.35%.  The Bank is not acquiring any loans as part of the transaction.  The cost of funds from the University Place Branch is approximately 17 basis points and the cash received is expected to be used to pay down FHLB borrowings.  The Bank expects to retain the current branch staff at the University Place Branch. The transaction is expected to close in the first calendar quarter of 2017, following approval by regulators and satisfaction of customary closing conditions.The transaction is projected to be accretive to earnings by the end of 2017.