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Premises and Equipment

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Premises and Equipment

NOTE 8 – PREMISES AND EQUIPMENT

Year-end premises and equipment were as follows:

			2018				2017
Land		$	4,775			$	4,775
Buildings			24,800				24,692
Furniture, fixtures and equipment			14,080				13,739
Leasehold Improvements			482				482
			44,137				43,688
Less accumulated depreciation			(22,926	)			(21,402	)
NET BOOK VALUE		$	21,211			$	22,286

Depreciation expense was $1.5 million for year ended December 31, 2018, $1.6 million for year ended December 31, 2017 and $1.7 million for year ended December 31, 2016.

The Company leases certain branch properties under operating leases.  Rent expense was $490, $449, and $362 thousand for 2018, 2017 and 2016, respectively.  In addition to rent expense, under the leases, common area maintenance and property taxes are paid and the amount can fluctuate according to the costs incurred.  Rent commitments including reasonably certain renewal options that are generally present, were as follows:

2019		$	453
2020			394
2021			410
2022			303
2023			246
Thereafter			1,660
TOTAL		$	3,466

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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