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PREMISES AND EQUIPMENT | 12 Months Ended
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Sep. 30, 2019
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 |  | 2019 |  |  | 2018 |
|  |  |  | (In thousands) |
Land |  | Indefinite |  | $ | 3,811 |  |  | $ | 3,811 |
Buildings and improvements |  | 10-40 years |  |  | 22,524 |  |  |  | 22,514 |
Furniture, fixtures and equipment |  | 5-10 years |  |  | 3,300 |  |  |  | 3,288 |
|  |  |  |  | 29,635 |  |  |  | 29,613 |
Less accumulated depreciation |  |  |  |  | (13,463 | ) |  |  | (12,592 | )
Premises and equipment, net |  |  |  | $ | 16,172 |  |  | $ | 16,990 |
For the years ended September 30, 2019 and 2018, depreciation expense included in occupancy expense amounted to approximately $871,000 and $861,000, 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, 2019, Hungaria Urban Renewal, LLC accounted for approximately $3.1 million and $9.0 million of land and buildings, net of depreciation, respectively. At September 30, 2018, Hungaria Urban Renewal, LLC accounted for approximately $3.1 million and $9.3 million of land and buildings, net of depreciation, respectively.

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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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