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Note 9 - Bank Owned Life Insurance
12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 was $25,294,780 and $24,698,438, respectively.