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PREMISES AND EQUIPMENT | 6 Months Ended
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Jun. 30, 2018
Property, Plant and Equipment [Abstract] |
Premises and Equipment | NOTE 6 – PREMISES AND EQUIPMENT Premises and equipment consisted of the following as of June 30, 2018 and December 31, 2017:
|  | 2018 |  |  | 2017 |
Premises owned |  | $ | 7,286 |  |  | $ | 7,276 |
Write-down on premises owned |  |  | (600 | ) |  |  | - |
Net premises owned |  |  | 6,686 |  |  |  | 7,276 |
Leasehold improvements |  |  | 1,555 |  |  |  | 1,271 |
Furniture, fixtures and equipment |  |  | 3,077 |  |  |  | 2,939 |
Less accumulated depreciation and amortization |  |  | (3,545 | ) |  |  | (3,087 | )
Total premises and equipment, net |  | $ | 7,773 |  |  | $ | 8,399 |
Depreciation and amortization included in occupany and equipment expense for the three months ended June 30, 2018 was $230,000 compared to $182,000 for the three months ended June 30, 2017. The expense for the six months ended June 30, 2018 and June 30, 2017 totaled $466,000 and $307,000, respectively. The Company leases sixteen of its branches and administration offices under noncanceable operating leases. The leases expire on various dates through 2025. All leases have an option to renew with renewal periods between three to twelve years. Future minimum lease payments are as follows:
Year Ending December 31, |  |  |  |
2018 |  | $ | 1,033 |
2019 |  |  | 2,050 |
2020 |  |  | 1,691 |
2021 |  |  | 1,448 |
2022 |  |  | 1,278 |
Thereafter |  |  | 1,105 |
Total |  | $ | 8,605 |

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- References No definition available. + Details
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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 + Details
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