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Premises and Equipment
 12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Premises and Equipment

Note 5. Premises and Equipment

 

A summary of premises and equipment is as follows:

 

    Useful                  
    lives   2016     2015     2014  
                       
Land       $ 684,977     $ 684,977     $ 684,977  
Buildings   5-50 years     6,372,495       6,283,741       6,221,980  
Equipment and fixtures   5-30 years     5,442,106       5,365,211       5,400,514  
Construction in progress         7,364       500       53,197  
          12,506,942       12,334,429       12,360,668  
Accumulated depreciation         (9,184,075 )     (8,965,564 )     (8,689,373 )
                             
        $ 3,322,867     $ 3,368,865     $ 3,671,295  

 

Depreciation expense totaled $374,409, $393,200, and $399,083 for the years ended December 31, 2016, 2015, and 2014, respectively. Amortization of software totaled $87,389, $59,506, and $21,970 for the years ended December 31, 2016, 2015, and 2014, respectively.

 

The Bank leases its Severna Park and Linthicum branches. Minimum lease obligations under the Severna Park branch are $33,000 per year through September 2017. Minimum lease obligations under the Linthicum branch are $120,952 per year through December 2024, adjusted annually on a pre-determined basis. The Bank is also required to pay all maintenance costs under all these leasing arrangements. Rent expense totaled $160,029, $153,659, and $150,145 for the years ended December 31, 2016, 2015, and 2014, respectively.