Other Benefit Plans

12 Months Ended

Dec. 31, 2016

Investments, All Other Investments [Abstract]

Other Benefit Plans

Note 11. Other Benefit Plans

The Bank has life insurance contracts on several officers and is the sole owner and beneficiary of the policies. Cash value totaled $9,327,878, $9,357,712, and $9,138,658 at December 31, 2016, 2015, and 2014, respectively. Income on their insurance investment totaled $214,648, $219,054, and $223,841 for 2016, 2015, and 2014, respectively.

The Bank has an unfunded grantor trust, as part of a change in control severance plan, covering substantially all employees. Participants in the plan are entitled to cash severance benefits upon termination of employment, for any reason other than just cause, should a “change in control” of the Company occur.