Note 6 - Premises and Equipment

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(

6

)

Premises

and

Equipment

Premises

and equipment are comprised of the following as of

December 31:

	20 1 7			20 16
Land	$	9,668,722		$	9,668,722
Building		26,893,354			25,239,165
Furniture, Fixtures and Equipment		13,090,366			12,461,043
Leasehold Improvements		655,166			653,939
Construction in Progress		68,253			1,530,359
		50,375,861			49,553,228
Accumulated Depreciation		(22,736,431	)		(21,583,968	)
	$	27,639,430		$	27,969,260

Depreciation

charged to operations totaled

$1,647,813

in

2017,

$1,574,249

in

2016

and

$1,657,229

in

2015.

Certain

Company facilities and equipment are leased under various operating leases. Rental expense approximated

$427,000

for

2017,

$437,000

for

2016

and

$560,000

for

2015.

Future

minimum rental payments as of

December 31, 2017

are as follows:

Year Ending December 31	Amount
2018	$	43,320
2019		42,000
2020		42,000
2021		42,000
20 22 and Thereafter		38,500
	$	207,820