Note 5 - Lease Commitments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases [Text Block] |
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:
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:
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. |