COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 13 — COMMITMENTS AND CONTINGENCIES

The Corporation’s banking subsidiary currently leases three branch banking facilities and one parcel of land under operating leases. Rent expense for the years ended December 31, 2016, 2015 and 2014 was $154,000, $153,000 and $122,000, respectively. Minimum rental payments required under these operating leases are: 2017 - $132,000, 2018 - $134,000, 2019 - $110,000, 2020 - $59,000, 2021 - $59,000 and thereafter $2,530,000.

The banking subsidiary leases land and a bank building in Stroudsburg, Pennsylvania, under a lease expiring in 2017. This lease has an operating lease commitment and a capital lease component. Minimum future rental payments of $43,000 as of December 31, 2016 under this non-cancelable operating lease component for land are due in 2017 and are not included in the amounts of operating lease payments above.

Minimum future lease payments under the capital lease component for the bank building as of December 31, 2016 are:

Year Ending December 31
2017	$	120,000
Total minimum lease payments	$	120,000
Less amounts representing interest		4,000
Present value of net minimum lease payments	$	116,000

In the normal course of business, there are various pending legal actions and proceedings that are not reflected in the consolidated financial statements. Management does not believe the outcome of these actions and proceedings will have a material effect on the consolidated financial position of the Corporation.