Premises and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Premises and Equipment

4. PREMISES AND EQUIPMENT

The amounts reported as bank premises and equipment at December 31, 2019 and 2018, are as follows:

	2019			2018
Land	$	3,715,432		$	3,842,146
Buildings		15,583,367			15,411,518
Furniture and equipment		11,155,784			10,767,592
Construction in process		0			4,892
		30,454,583			30,026,148
Less accumulated depreciation		(16,607,214	)		(15,452,174	)
Total	$	13,847,369		$	14,573,974

Depreciation of premises and equipment was $1,200,032, $1,036,986, and $881,000 in 2019, 2018, and 2017, respectively. The Corporation depreciates its long-lived assets on various methods over their estimated productive lives, as more fully described in Note 1, Summary of Significant Accounting Policies.