NOTE 5: BANK OWNED LIFE INSURANCE
The Company has purchased Bank owned life insurance on certain key members of management. Such policies are recorded at their cash surrender value, or the amount that can be realized. The increase in cash surrender value in excess of the single premium paid is reported as other noninterest income. The balance at December 31, 2013 and 2012 was $14,043,697 and $13,657,480, respectively.