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Office Properties and Equipment, net | 12 Months Ended
--- | ---
Dec. 31, 2014
Office Properties and Equipment, net |
Office Properties and Equipment, net |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Land |  | $ | 572 |  | $ | 572 |
Office buildings and improvements |  |  | 3,231 |  |  | 3,126 |
Furniture, fixtures and equipment |  |  | 1,655 |  |  | 2,140 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 5,458 |  |  | 5,838 |
Less accumulated depreciation |  |  | (2,761 | ) |  | (3,113 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Office properties and equipment, net |  | $ | 2,697 |  | $ | 2,725 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation expense was $241 thousand and $214 thousand for 2014 and 2013. At December 31, 2014, the Company was obligated through 2021 under various non-cancelable operating leases on buildings and land used for office space and banking purposes. These operating leases contain escalation clauses which provide for increased rental expense, based primarily on increases in real estate taxes and cost-of-living-indices. The Company also leases certain office equipment. Rent expense under the operating leases was $478 thousand for 2014 and $458 thousand for 2013. Rent commitments, before considering renewal options that generally are present, are as follows:
|  | Premises |  | Equipment |  | Total |
|  | (In thousands) |
Year ending December 31: |  |  |  |  |  |  |  |  |  |
2015 |  | $ | 386 |  | $ | 39 |  | $ | 425 |
2016 |  |  | 404 |  |  | 35 |  |  | 439 |
2017 |  |  | 416 |  |  | 34 |  |  | 450 |
2018 |  |  | 467 |  |  | 17 |  |  | 484 |
2019 |  |  | 481 |  |  | — |  |  | 481 |
Thereafter |  |  | 661 |  |  | — |  |  | 661 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 2,815 |  | $ | 125 |  | $ | 2,940 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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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 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: 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=6391110&loc=d3e2921-110230 Reference 3: 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=6360339&loc=d3e1361-107760 Reference 4: 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 + Details
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