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Premises and Equipment | 12 Months Ended
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Sep. 30, 2016
Property, Plant and Equipment [Abstract] |
Premises and Equipment | Premises and Equipment Premises and equipment consisted of the following at September 30, 2016 and 2015 (dollars in thousands):
| 2016 |  |  | 2015 |
Land | $ | 3,926 |  |  | $ | 3,944 |
Buildings and improvements | 17,709 |  |  | 17,664 |
Furniture and equipment | 7,732 |  |  | 8,071 |
Property held for future expansion | 129 |  |  | 110 |
Construction and purchases in progress | 237 |  |  | 96 |
| 29,733 |  |  | 29,885 |
Less accumulated depreciation | 13,574 |  |  | 13,031 |
Premises and equipment, net | $ | 16,159 |  |  | $ | 16,854 |
In November 2016 the Company began a major remodel of its Edgewood branch that is estimated to cost approximately $1.0 million. The remodel is anticipated to be completed in March 2017. The Company leases certain premises under operating lease agreements. Certain leases contain renewal options from five to ten years and escalation clauses based on increases in property taxes and other costs. Total rental expense was $287,000, $280,000 and $267,000 for the years ended September 30, 2016, 2015 and 2014, respectively, which was included in premises and equipment expense in the accompanying consolidated statements of income. Minimum net rental commitments under non-cancellable leases having an original or remaining term of more than one year for fiscal years ending subsequent to September 30, 2016 are as follows (dollars in thousands):
2017 | $ | 302 |
2018 | 302 |
2019 | 296 |
2020 | 262 |
2021 | 148 |
Total minimum payments required | $ | 1,310 |
The Company has entered into an agreement to purchase one of the leased buildings for $1.8 million. The transaction is expected to close December 31, 2016. Upon closing of the purchase and termination of the related leases, the minimum net rental commitments in the table above would be reduced by $65,000 for 2017, $97,000 for each of 2018, 2019 and 2020, and $24,000 for 2021.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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