Note 11 - Bank-Owned Life Insurance

6 Months Ended

Jun. 30, 2015

Investments, All Other Investments [Abstract]

Life Insurance, Corporate or Bank Owned [Text Block]

11.     Bank-Owned Life Insurance

The Company owns two fully-funded general account life insurance policies on certain members of its leadership team. The Company paid all premiums on these policies and is the sole beneficiary. However, in order to encourage the covered employees (which we refer to herein as “teammates”) to consent to the coverage, the Bank provided a $50 thousand taxable death benefit payable to the named beneficiaries of the covered teammates in the event of the death of a covered teammate while employed by the Bank. Each policy was funded with a premium of $5.0 million paid to AA+ rated insurance companies. The policies are reflected in the Consolidated Balance Sheets at the cash surrender value of $10.5 million and $10.4 million at June 30, 2015 and December 31, 2014, respectively.

In addition, the Company has fully-funded life insurance policies on two former members of executive management who are retired from the Company. At both June 30, 2015 and December 31, 2014, the cash surrender value of these policies attributable to the Company totaled $1.6 million.