Investment in bank owned life insurance

12 Months Ended

Dec. 31, 2016

Investments, All Other Investments [Abstract]

Life Insurance, Corporate or Bank Owned [Text Block]

Note 6. Investment in bank owned life insurance

 

The Bank is owner and designated beneficiary on life insurance policies in the aggregate face amount of $13,728,000 covering certain of its directors and executive officers. The earnings from these policies are used to offset expenses related to retirement plans. The cash surrender value of these policies at December 31, 2016 and 2015 was approximately $7,093,000 and $7,130,000, respectively.