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Premises and Equipment
12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
Premises and Equipment

Note 5 – Premises and Equipment

The major categories of banking premises and equipment and accumulated depreciation at December 31 are summarized below:

 

     (In Thousands)  
     2015      2014  

Land

   $ 5,647       $ 4,984   

Buildings (useful life 15-39 years)

     21,943         21,955   

Construction in Progress

     329         —     

Furnishings (useful life 3-15 years)

     11,783         11,429   
  

 

 

    

 

 

 
     39,702         38,368   

Less: Accumulated depreciation

     (19,115      (18,068
  

 

 

    

 

 

 

Premises and Equipment (Net)

   $ 20,587       $ 20,300   
  

 

 

    

 

 

 

Depreciation expense for the years ended December 31, 2015, 2014 and 2013 amounted to $1.4, $1.3, and $1.2 million, respectively.

Construction in Progress represents building construction of the Bank’s newest office in Fort Wayne, Indiana that is expected to open in 2016. An additional $722 thousand in costs are anticipated to complete the project in 2016.