Note 7 - Other Assets

12 Months Ended

Dec. 31, 2015

Disclosure Text Block Supplement [Abstract]

Other Assets Disclosure [Text Block]

(7) Other Assets

A summary of major components of other assets follows:

	December 31,
(in thousands)	2015		2014
Cash surrender value of life insurance other than BOLI	$	12,473	$	12,019
Net deferred tax asset		12,365		12,377
Investments in tax credit related ventures		5,289		5,090
Other real estate owned and other foreclosed property		4,541		5,977
Other short term receivables		1,921		2,149
Core deposit intangible		1,601		1,820
Mortgage servicing rights (MSRs)		1,018		1,131
Goodwill		682		682
Investment in bank in expansion market		520		520
Other		5,806		5,907
Total	$	46,216	$	47,672

Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans.

Mortgage servicing rights (MSRs) are initially recognized at fair value when mortgage loans are sold and amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing carrying value to fair value. Estimated fair values of MSRs at December 31, 2015 and 2014 were $3.1 million and $3.4 million, respectively. Total outstanding principal balances of loans serviced for others were $410.8 million and $421.1 million at December 31, 2015, and 2014 respectively.

Changes in the net carrying amount of MSRs are shown in the following table.

(in thousands)	2015			2014
Balance at January 1	$	1,131		$	1,832
Originations		528			258
Amortization		(641	)		(959	)
Balance at December 31	$	1,018		$	1,131