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Premises and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Premises and Equipment

Note 5 – Premises and Equipment

As of December 31, premises and equipment consisted of the following:

(Dollars in thousands) 

		2019				2018
Land and land improvements		$	7,576			$	5,318
Leasehold improvements			38				38
Buildings			20,251				16,251
Furniture and equipment			11,078				7,357
Total cost			38,943				28,964
Accumulated depreciation			(14,678	)			(13,085	)
Premises and equipment, net		$	24,265			$	15,879

Depreciation expense was $1,610,000, $1,183,000, and $1,389,000 for 2019, 2018 and 2017, respectively.

The Banks lease certain branch properties and automated-teller machine locations in their normal course of business.  Rent expense totaled $72,000, $108,000, and $99,000 for 2019, 2018 and 2017, respectively. The associated right of use assets are included in the applicable categories of fixed assets in the above table and the net book value of such assets approximates the operating lease liability. Rent commitments under non-cancelable operating leases were as follows, before considering renewal options that generally are present (dollars in thousands): 

2020		$	138
2021			139
2022			120
2023			75
2024			28
Thereafter			14
Total undiscounted cash flows			514
Less discount			27
Total operating lease liabilities		$	487

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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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