Note 8 - Core Deposit Intangible

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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,
	2019			2018
Gross carrying value	$	502,000		$	502,000
Less accumulated amortization		(368,948	)		(329,892	)
Core deposit intangible	$	133,052		$	172,108

Amortization of core deposit intangible was

$39,000

and

$49,000

for the years ended

December 31, 2019

and

2018,

respectively.

The future amortization expense related to core deposit intangible remaining as of

December 31, 2019

is as follows:

Year one	$	35,443
Year two		35,443
Year three		35,443
Year four		26,723
Year five		-
Core deposit intangible	$	133,052