CORE DEPOSIT INTANGIBLE

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

NOTE 8 – CORE DEPOSIT INTANGIBLE

The gross carrying value and accumulated amortization of core deposit intangible is as follows:

	December 31,
	2016		2015
Gross carrying value	$	502,000	$	502,000
Less accumulated amortization		(219,068)		(139,220)
Core deposit intangible	$	282,932	$	362,780

Amortization of core deposit intangible was $80,000 and $102,000 for the years ended December 31, 2016 and 2015, respectively.

The future amortization expense related to core deposit intangible remaining as of December 31, 2016 is as follows:

Year one	$	62,266
Year two		48,556
Year three		39,057
Year four		35,443
Year five		35,443
Thereafter		62,167
	$	282,932