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PREMISES AND EQUIPMENT
 12 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT

NOTE G - PREMISES AND EQUIPMENT

 

Premises and equipment consist of the following:

 

   Estimated  September 30, 
   Useful Lives  2016   2015 
      (Dollars in thousands) 
Land  Indefinite  $3,811   $3,811 
Buildings and improvements  10-40 years   22,341    21,449 
Furniture, fixtures and equipment  5-10  years   2,878    2,828 
       29,030    28,088 
     Less accumulated depreciation      (10,946)   (10,270)
      $18,084   $17,818 

 

For the years ended September 30, 2016 and 2015, depreciation expense included in occupancy expense amounted to approximately $778,000 and $845,000, respectively.

 

Hungaria Urban Renewal, LLC was formed in 2002 and its sole purpose was to purchase the land and construct the office building for which the Company is the primary tenant. The Bank owns a 100% interest in Hungaria Urban Renewal, LLC, which has no other business other than owning the Bank’s main office site. At September 30, 2016, Hungaria Urban Renewal, LLC accounted for approximately $3.1 million, $10.0 million and $0 of land, building, furniture, fixtures and equipment, net of depreciation, respectively. At September 30, 2015, Hungaria Urban Renewal, LLC accounted for approximately $3.1 million, $10.3 million, and $0 of land, building, and furniture, fixtures and equipment, net of depreciation, respectively.