PREMISES AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 7 – PREMISES AND EQUIPMENT, NET

Components of premises and equipment, net included in the consolidated balance sheets at December 31, 2016 and 2015 were as follows:

	At December 31,		At December 31,
	2016		2015
Cost:
Land and improvements	$	2,452,807	$	2,083,915
Building and improvements		11,649,269		11,383,618
Furniture and equipment		2,242,897		2,011,609
Automobiles		137,303		129,902
Total cost		16,482,276		15,609,044
Accumulated depreciation and amortization		(6,368,806)		(5,807,716)
Net book value	$	10,113,470	$	9,801,328

Depreciation and amortization expense was $607,000 and $565,000 for the years ended December 31, 2016 and 2015, respectively.