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Note 17 - Bank Owned Life Insurance
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Life Insurance, Corporate or Bank Owned [Text Block]

NOTE 17 - BANK OWNED LIFE INSURANCE

 

BOLI provides key person life insurance on certain officers of the Company. The cash value of the life insurance policies is recorded as a separate line item in the accompanying balance sheets at $28.0 million and $27.3 million at December 31, 2023 and 2022, respectively.  The earnings portion of the insurance policies grows tax deferred and helps offset the cost of the Company’s benefits programs.  The Company recorded earnings of $636,000 and $608,000 for the growth in the cash surrender value of life insurance during the years ended December 31, 2023 and 2022, respectively. The Company received no death benefits during the years ended December 31, 2023 and 2022.