Premises and Equipment, Net

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Premises and equipment, net, are summarized as follows:



	December 31,
	2017			2016
Land	$	6,693,927		$	6,693,927
Buildings and Improvements	23,720,473			20,299,729
Furniture and Equipment	12,042,530			11,620,148
Construction in Progress	187,956			1,702,791
Total Premises and Equipment	42,644,886			40,316,595
Less: Accumulated Depreciation	(19,847,042		)	(19,118,911		)
Total Premises and Equipment, Net	$	22,797,844		$	21,197,684

Depreciation expense on premises and equipment was $1.5 million, $1.4 million and $1.2 million for the years ended December 31, 2017, 2016 and 2015, respectively. The Bank has entered into non-cancelable operating leases related to buildings and land. At December 31, 2017, future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or more are as follows (by fiscal year):



2018	$	421,394
2019	423,599
2020	424,968
2021	426,359
2022	438,754
Thereafter	1,154,665
Total Future Minimum Payments	$	3,289,739

Total rental expense was $409,000, $399,000, and $417,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Five lease agreements with monthly expenses of $6,900, $900, $7,900, $8,600, and $10,000 have multiple renewal options totaling 30, 10, 15, 45, and 20 years, respectively.