Note 7 - Premises and Equipment, Net

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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, 2019

and

2018

were as follows:

	At December 31,
	2019			2018
Cost:
Land and improvements	$	2,452,807		$	2,452,807
Building and improvements		12,250,011			12,264,369
Furniture and equipment		1,790,529			2,073,474
Automobiles		91,387			91,387
Total cost		16,584,734			16,882,037
Accumulated depreciation and amortization		(7,593,779	)		(7,323,094	)
Net book value	$	8,990,955		$	9,558,943

Depreciation and amortization expense was

$611,000

and

$703,000

for the years ended

December 31, 2019

and

2018,

respectively.