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Premises and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2021
Premises and Equipment |
Premises and Equipment | Note 5. Premises and Equipment A summary of premises and equipment is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Useful |  | December 31,
​ | ​ | lives | ​ | 2021 | ​ | 2020
(dollars in thousands) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land |  |  | ​ | $ | 685 | ​ | $ | 685
Buildings |  | 5-50 years | ​ |  | 6,723 | ​ |  | 6,672
Equipment and fixtures |  | 5-30 years | ​ |  | 8,354 | ​ |  | 8,055
Construction in progress |  |  | ​ |  | 36 | ​ |  | 99
Operating Lease Assets | ​ | ​ | ​ | ​ | 478 | ​ | ​ | 623
​ |  |  | ​ |  | 16,276 | ​ |  | 16,134
Accumulated depreciation |  |  | ​ |  | (12,712) | ​ |  | (12,281)
​ |  |  | ​ |  |  | ​ |  |
​ |  |  | ​ | $ | 3,564 | ​ | $ | 3,853
​ Depreciation expense totaled $0.3 million for the years ended December 31, 2021 and 2020. Amortization of software totaled $0.1 million for the years ended December 31, 2021 and 2020. Operating lease Right-of-Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. The Bank leases its Severna Park and Linthicum branches. Minimum lease obligations under the Severna Park branch are $25,000 per year through September 2022. Minimum lease obligations under the Linthicum branch are $148,756 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. Income from rent totaled $69,312 and $65,383 and rent expense totaled $177,845 and $173,593 for the years ended December 31, 2021 and 2020, respectively. The Bank uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. Lease terms may include options to extend or terminate when the Company is reasonably certain that the option will be exercised. Future minimum payments of the Bank’s operating leases as of December 31, 2021 are as follows: ​
​ | ​ | ​ | ​
Year ending December 31, |  | Amount
​ | ​ | (dollars in thousands)
2022 | ​ | $ | 177
2023 | ​ |  | 156
2024 | ​ | ​ | 161
2025 | ​ | ​ | 3
2026 | ​ | ​ | 2
Thereafter | ​ |  | —
Total | ​ | $ | 499
​

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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