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PREMISES AND EQUIPMENT

12 Months Ended

Sep. 30, 2018

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		2018				2017
				(Dollars in thousands)
Land		Indefinite		$	3,811			$	3,811
Buildings and improvements		10-40 years			22,514				22,453
Furniture, fixtures and equipment		5-10  years			3,288				3,065
					29,613				29,329
Less accumulated depreciation					(12,623	)			(11,762	)
Premises and equipment, net				$	16,990			$	17,567

For the years ended September 30, 2018 and 2017, depreciation expense included in occupancy expense amounted to approximately $861,000 and $816,000, 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, 2018, Hungaria Urban Renewal, LLC accounted for approximately $3.1 million, $9.3 million and $0 of land, building, furniture, fixtures and equipment, net of depreciation, respectively. At September 30, 2017, Hungaria Urban Renewal, LLC accounted for approximately $3.1 million, $9.7 million, and $0 of land, building, and furniture, fixtures and equipment, net of depreciation, respectively.

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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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