16. COMMITMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Commitments Tables

Commitments outstanding

As of the December 31, 2016 and 2015, the Company had the following commitments outstanding:

	2016		2015
Commitments to extend credit	$	148,060,176	$	135,138,834
Standby letters of credit		1,089,117		1,344,191

Long term lease arrangements

As of December 31, 2016, the required lease payments for the next five years were as follows:

2017	$	145,099
2018		102,726
2019		74,349
2020		75,500
2021		55,439