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CASH SURRENDER VALUE OF LIFE INSURANCE | 6 Months Ended
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Jun. 30, 2018
CASH SURRENDER VALUE OF LIFE INSURANCE [Abstract] |
CASH SURRENDER VALUE OF LIFE INSURANCE | NOTE 7 - CASH SURRENDER VALUE OF LIFE INSURANCE Activity on the Bank owned life insurance policies is as follows:
|  | Six months ended June 30, |
|  | 2018 |  |  | 2017 |
Beginning balance |  | $ | 17,132 |  |  | $ | 6,470 |
Increase in cash value of life insurance |  |  | 155 |  |  |  | 128 |
Additional policies acquired |  |  | - |  |  |  | 6,428 |
Insurance proceeds |  |  | (777 | ) |  |  | - |
Ending balance |  | $ | 16,510 |  |  | $ | 13,026 |
End of period death benefit |  | $ | 27,492 |  |  | $ | 17,070 |
Number of policies owned |  |  | 42 |  |  |  | 42 |
Insurance companies used |  |  | 5 |  |  |  | 5 |
Current and former directors and officers covered |  |  | 17 |  |  |  | 16 |
The Bank owned life insurance policies are recorded on the Company’s financial statements at their reported cash (surrender) values. As a result of current tax law and the nature of these policies, the Company records any increase, less any applicaple surrender charges, in cash value of these policies as nontaxable noninterest income. If the Company decided to surrender any of the policies prior the the death of the insured, such surrender may result in a tax expense related to the life-to-date cumulative increase in the cash surrender value of the policy. If the Company retains such policies until the death of the insured, the Company would receive nontaxable proceeds from the insurance company equal to the death benefit of the policies.

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- Definition CASH SURRENDER VALUE OF LIFE INSURANCE + References No definition available. + Details
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- Definition The entire disclosure for corporate (COLI) or bank (BOLI) owned life insurance including the amount of cash surrender value that could be received as of the date of the statement of financial position, any restrictions on the company's ability to obtain the value of the life insurance policy on surrender, or any other additional information desired to be disclosed. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 + Details
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