Subsequent Event

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Event

Note 31 – Subsequent Event

On October 8, 2017, a series of wildfires broke out in several Northern California counties in which the Company conducts business. The hardest hit counties appear to be Sonoma and Napa counties with the City of Santa Rosa, and the surrounding Sonoma County area, being especially hard hit. It has been reported that several thousand homes and businesses have been destroyed as a result of these fires. As of October 24, 2017, the Company has identified 39 of its loans with total recorded balances of $15,808,000 that are collateralized by properties within the evacuation zones established for these fires. Of these 39 loans, 32 loans with recorded balances of $9,192,000 are collateralized by residential real estate, and seven loans with recorded balances of $6,616,000 are collateralized by commercial real estate. Properties serving as collateral for nine of the 32 residential real estate loans, and representing $2,636,000 of the recorded balance of loans, and properties serving as collateral for one of the seven commercial real estate loans, and representing $4,062,000 of the recorded balance of loans, have been identified as being partially or totally destroyed. It is the policy of the Company to require borrowers to maintain property & casualty insurance on properties that serve as collateral for the Company’s loans. Management is in the process of determining what the financial effects of these fires may have on the Company, but at this time, Management does not believe any such effects will be material to the Company’s financial condition or results of operations.