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Office Properties and Equipment, net | 12 Months Ended
--- | ---
Dec. 31, 2018
Office Properties and Equipment, net |
Office Properties and Equipment, net | Note 6 – Office Properties and Equipment, net Year-end office properties and equipment were as follows:
|  | 2018 |  | 2017
|  | (In thousands)
Land |  | $ | 572 |  | $ | 572
Office buildings and improvements |  |  | 3,264 |  |  | 3,203
Furniture, fixtures and equipment |  |  | 1,794 |  |  | 1,786
|  |  | 5,630 |  |  | 5,561
Less accumulated depreciation |  |  | (3,388) |  |  | (3,155)
Office properties and equipment, net |  | $ | 2,242 |  | $ | 2,406
Depreciation expense was $241 thousand and $256 thousand for the years 2018 and 2017, respectively. At December 31, 2018, 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 $593 thousand for 2018 and $587 thousand for 2017. Minimum noncancelable lease commitments, before considering renewal options that generally are present, are as follows:
|  | Premises |  | Equipment |  | Total
|  | (In thousands)
Year ending December 31: |  |  |  |  |  |  |  |  |
2019 |  | $ | 481 |  | $ | 35 |  | $ | 516
2020 |  |  | 494 |  |  | 35 |  |  | 529
2021 |  |  | 167 |  |  | 15 |  |  | 182
Total |  | $ | 1,142 |  | $ | 85 |  | $ | 1,227

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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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