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Note 7 - Premises and Equipment
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

7.

Premises and Equipment

 

A summary of premises and equipment is as follows:

 

   

Useful lives

(in years)

   

2021

   

2020

 
                           

Land and improvements

    -       $ 2,602,998     $ 3,237,998  

Buildings and improvements

  15 - 39       6,302,622       6,989,622  

Furniture and equipment

  3 - 10       4,752,133       4,509,439  
                13,657,753       14,737,059  

Accumulated depreciation and amortization

              7,398,332       7,000,503  
              $ 6,259,421     $ 7,736,556  
                           

Depreciation and amortization expense

            $ 434,434     $ 371,646  

 

On March 31, 2021, the Company sold for net proceeds of $1,359,613 of real property. The carrying value of the land, building, and furniture and equipment at the time of the sale was $1,322,000, resulting in a gain of $37,613.

 

Software with a net book value of $118,614 and $155,122 as of December 31, 2021 and 2020, respectively, is included in other assets. Amortization expense of $36,509 and $44,135 was recorded in 2021 and 2020, respectively.