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PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

10. PREMISES AND EQUIPMENT

An analysis of premises and equipment follows:

		AT  DECEMBER 31,
		2019			2018
		(IN THOUSANDS)
Land		$	1,198		$	1,198
Premises			27,711			27,160
Furniture and equipment			8,632			9,085
Leasehold improvements			1,174			461
Total at cost			38,715			37,904
Less: Accumulated depreciation and amortization			24,072			24,556
Premises and equipment, net		$	14,643		$	13,348

The Company recorded depreciation expense of $1.5 million for 2019 and 2018 and $1.7 million for 2017.

The Company utilizes a contract cleaner to provide janitorial services for several office locations. The contract cleaner is owned by a Director of the Company. The amount paid to this related party totaled $218,000,  $221,000, and $216,000 for the years ended December 31, 2019, 2018, and 2017, 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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