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PREMISES AND EQUIPMENT
 12 Months Ended
Sep. 30, 2020
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  2020   2019 
      (In thousands) 
Land  Indefinite  $3,811   $3,811 
Buildings and improvements  10-40 years   21,622    22,524 
Furniture, fixtures and equipment  5-10  years   3,407    3,300 
       28,840    29,635 
     Less accumulated depreciation      (14,094)   (13,463)
Premises and equipment, net     $14,746   $16,172 

 

For the years ended September 30, 2020 and 2019, depreciation expense included in occupancy expense amounted to approximately $854,000 and $871,000, 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, 2020, Hungaria Urban Renewal, LLC accounted for approximately $3.1 million and $8.6 million of land and buildings, net of depreciation, respectively. 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.