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Bank Owned Life Insurance
9 Months Ended
Sep. 30, 2020
Bank Owned Life Insurance [Abstract]  
Bank Owned Life Insurance Note 9 – Bank Owned Life Insurance

The Bank purchased $60 million of bank owned life insurance (“BOLI”) in August, 2020. BOLI involves life insurance purchased by the Bank on a chosen group of employees, and the Bank is owner and beneficiary of the policies. At September 30, 2020, the Bank had $60.4 million in BOLI. Income earned on BOLI was $385,000 through September 30, 2020. BOLI is accounted for using the cash surrender value method and is recorded at its net realizable value.