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Note 5 - Lease Commitments
6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
5.
Lease Commitments
 
The Company and its subsidiaries are obligated under operating leases for certain office premises.
 
The following table shows operating lease right of use assets and operating lease liabilities as of
June 30, 2020
and
December 31, 2019:
 
 
Consolidated Balance
               
 
Sheet classification
 
June 30, 2020
   
December 31, 2019
 
Operating lease right of use asset
Other assets
  $
1,317,556
    $
1,392,281
 
Operating lease liabilities
Other liabilities
   
1,501,846
     
1,559,356
 
 
Operating lease cost included in occupancy expense in the statement of income for the
three
months ended
June 30, 2020
and
2019
was
$44,343
and
$46,414,
respectively. Operating lease cost included in occupancy expense in the statement of income for the
six
months ended
June 30, 2020
and
2019
was
$94,134
and
$94,221,
respectively.
 
Future minimum payments under the agreements, including those option years for which the Company is reasonably certain to renew, are as follows:
 
Year
   
Amount
 
           
2020
    $
100,187
 
2021
     
210,955
 
2022
     
221,497
 
2023
     
228,531
 
2024
     
234,910
 
Thereafter
   
1,140,679
 
Total lease payments
   
2,136,759
 
Less imputed interest
   
(634,913
)
Present value of operating lease liabilities
  $
1,501,846
 
 
For operating leases as of
June 30, 2020,
the weighted average remaining lease term is
9.0
years and the weighted average discount rate is
3.25%.
During the
three
months ended
June 30, 2020
and
2019,
cash paid for amounts included in the measurement of lease liabilities was
$35,801
and
$37,224,
respectively. During the
six
months ended
June 30, 2020
and
2019,
cash paid for amounts included in the measurement of lease liabilities was
$76,920
and
$73,948,
respectively.