XML 40 R26.htm IDEA: XBRL DOCUMENT v3.25.1
BANK OWNED LIFE INSURANCE
12 Months Ended
Dec. 31, 2024
Investments, All Other Investments [Abstract]  
BANK OWNED LIFE INSURANCE

NOTE 15 BANK OWNED LIFE INSURANCE

 

As of December 31, 2024 and 2023, the Bank had an aggregate total cash surrender value of $0 and $4.6 million, respectively, on life insurance policies covering former key officers. During 2024 one policy was surrendered at market value resulting in a loss of $49,000. In December 2024, a death benefit receivable of $5.4 million was recorded, resulting in an income accrual of $1.6 million.

 

Excluding the loss on surrender and the accrual of income on the death benefit, the Company recognized income of approximately $73,000 and $40,000 during the years ended December 31, 2024 and 2023, respectively.