Note 5 - Lease Commitments

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

5. Lease Commitments

The Company and its subsidiaries are obligated under operating lease for certain office premises.

The following table shows operating lease right of use assets and operating lease liabilities as of

March 31, 2019:

	Consolidated Balance
	Sheet classification	March 31, 2019
Operating lease right of use asset	Other assets	$	1,366,490
Operating lease liabilities	Other liabilities	$	1,503,737

Operating lease cost included in occupancy expense in the statement of income for the

three

months ended

March 31, 2019

was

$47,807.

Future minimum payments under the agreements, including those option years for which the Company is reasonably certain to renew, are as follows:

Year	Amount
2019	$	103,387
2020		141,680
2021		146,120
2022		150,707
2023		155,447
Thereafter		911,769
Total lease payments		1,609,110
Less imputed interest		(105,373	)
Present value of operating lease liabilities	$	1,503,737

For operating leases as of

March 31, 2019,

the weighted average remaining lease term is

10.1

years and the weighted average discount rate is

3.35%.

During the

three

months ended

March 31, 2019,

cash paid for amounts included in the measurement of lease liabilities was

$36,724