Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Note 15 – Commitments and Contingencies –

In the ordinary course of business, the Company has various outstanding commitments that are not reflected in the accompanying financial statements. The principal commitments of the Company are as follows:

Lease Commitments

In 2009, the Company entered into an operating lease pertaining to property used for a loan production office. The lease had an original term of three years, beginning April 15, 2009 and expiring March 31, 2012, with the option to extend the lease for six additional three-year periods. The Company exercised this option through March 31, 2021.

Total rental expense was approximately $48,000 and $47,000 for the years ended December 31, 2019 and 2018, respectively.

The future minimum rental commitments under the operating lease at December 31, 2019 relating to the loan production office are as follows:


Year Ended December 31,	Amount
(in thousands)
2020	$	48
2021		12
Total Minimum Payments Required	$	60