Note 17 - Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

17. Related Party Transactions

At December 31, 2013, two loans totaling $0.2 million were outstanding to an immediate family member of a director and a executive officer of the Company. These loans were made in the ordinary course of business and were fully approved in accordance with all of the Company’s credit underwriting standards and were made at market rates of interest and other normal terms but with reduced origination fees. No such loans were made during 2013. The Company believes that such loans do not involve more than the normal risk of collectability or present other unfavorable features.

One director is a partner in a law firm which represents the Company in connection with closings of residential and certain commercial real estate loans, the fees of which are paid by borrowers. The borrowers paid an aggregate of $1.3 million to the firm in this regard during 2013. In addition, the firm handles certain legal matters in connection with loans (as well as any other general legal matters), the fees for which are paid by the Company. The Company paid an aggregate of $5,125 to the firm in this regard in 2013.

One director serves as Chief Equity Strategist of Shay Assets Management, Inc. and is a co-manager of the AMF Large Cap Equity Fund, which is managed by Shay Assets Management. The Company maintains investments in two funds managed by Shay Assets Management with a total market value of $6.0 million at December 31, 2013. The Company’s investment in these funds pre-dates the director’s service as a director. The portion of the management fees paid to Shay Assets Management by these funds that are attributable to investments of the Company totaled approximately $30,739 in 2013. The director receives no remuneration from the funds. In addition, from time to time the Company executes trades using the brokerage services of Shay Assets Management.