Note 9 - Bank Owned Life Insurance

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Life Insurance, Corporate or Bank Owned [Text Block]

NOTE

9

:     BANK OWNED LIFE INSURANCE

The Company has purchased Bank owned life insurance on certain key members of management. Such policies are recorded at their cash surrender value, or the amount that can be realized. The increase in cash surrender value in excess of the single premium paid is reported as other noninterest income. The balance at

December 31, 2019

and

2018

was

$24,698,438

and

$20,198,074,

respectively.