Note 11 - Bank-Owned Life Insurance

9 Months Ended

Sep. 30, 2014

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 during 2013 and is the sole beneficiary. 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 $10.3 million and $10.0 million at September 30, 2014 and December 31, 2013, 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 September 30, 2014 and December 31, 2013, the cash surrender value of these policies attributable to the Company totaled $1.6 million.