Premises and Equipment, Net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Premises and equipment, net, are summarized as follows at the dates indicated:



	December 31,
	2015			2014
Land	$	6,693,927		$	6,729,097
Buildings and Improvements	20,040,102			17,796,209
Furniture and Equipment	11,142,428			11,068,028
Construction in Progress	236,019			184,040
Total Premises and Equipment	38,112,476			35,777,374
Less Accumulated Depreciation	(17,995,558		)	(17,544,148		)
Total Premises and Equipment, Net	$	20,116,918		$	18,233,226

Depreciation expense was $1.2 million for each of the years ended December 31, 2015, 2014 and 2013. The Bank has entered into non-cancelable operating leases related to buildings and land. At December 31, 2015, future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or more are as follows (by fiscal year):



2016	$	356,440
2017	326,000
2018	223,029
2019	214,458
2020	214,458
Thereafter	1,211,468
Total Future Minimum Payments	$	2,545,853

Total rental expense amounted to $417,000, $424,000, and $415,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Five lease agreements with monthly expenses of $6,737, $800, $7,889, $8,571, and $9,075 have multiple renewal options totaling 30, 10, 15, 45, and 20 years, respectively.