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LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
Leases  
Minimum rental commitments for these leases as of December 31, 2021 are presented in the table below.

The exercise of renewal options is based on the sole judgement of management and what they consider to be reasonably certain. Based on the market areas, past practices, and contract terms of all leases, the Bank assumed all renewal options will be exercised. Minimum rental commitments for these leases as of December 31, 2021 are presented in the table below.

 

       
2022   $1,175,080 
2023    1,175,080 
2024    1,175,080 
2025    1,175,080 
2026 and thereafter    13,403,850 
Total undisclosed lease payments   $18,104,170 
Less: effect of discounting    (4,062,327)
Present value of estimated lease payments   $14,041,843 
The table below shows lease expense components for the year ended December 31, 2021 and 2020.

The table below shows lease expense components for the year ended December 31, 2021 and 2020.

 

               
   December 31, 
Lease Expense Components:  2021   2020 
Operating lease expense  $1,139,393   $972,815 
Short-term lease expense   —    — 
Total lease expense  $1,139,393   $972,815