Note 12 - Lease Commitments

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

(12)

         

LEASE COMMITMENTS

During

2015,

the Bank extended a noncancelable lease agreement for branch office space which expires in

March

2020

with annual lease payments of

$

19,000

.

During

September

2016,

Heritage Hills signed a lease agreement for equipment which expires in

October

2021

with annual lease payments of

$

59,000

.

At

December

31,

2016,

minimum lease payments under the leases were

$

78,000

for each year ending

December

31,

2017

through

2019,

$64,000

for the year ending

December

31,

2020

and

$59,000

for the year ending

December

31,

2021,

for an aggregate total of

$357,000.

The Bank’s subsidiary companies headquartered in Nevada lease office space under sublease agreements that automatically renew for

one

year periods each

October.

Total rental expense for all operating leases for the years ended

December

31,

2016

and

2015

was

$28,000

and

$30,000,

respectively.