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Premises and Equipment

12 Months Ended

Dec. 31, 2023

Premises and Equipment

Premises and Equipment

Note 5. Premises and Equipment

A summary of premises and equipment is as follows:

​

​	​	​	​	​	​	​	​	​
​		Useful		December 31,
​	​	lives	​	2023		​	2022
(dollars in thousands)	​	​	​	​
​	​	​	​	​	​	​	​	​
Land			​	$	685	​	$	685
Buildings		30-40 years	​		6,823	​		6,781
Equipment and fixtures		5-7 years	​		8,671	​		8,515
Construction in progress			​		25	​		71
Operating Lease Assets	​	​	​	​	210	​	​	366
​			​		16,414	​		16,418
Accumulated depreciation			​		(13,368)	​		(13,141)
​			​	$	3,046	​	$	3,277

​

Depreciation expense totaled $0.3 million for the years ended December 31, 2023 and 2022. Amortization of software totaled $0.1 million for the years ended December 31, 2023 and 2022.

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 2024. Minimum lease obligations under the Linthicum branch are $158,000 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 $76,000 and $75,000 and rent expense totaled $198,000 and $188,000 for the years ended December 31, 2023 and 2022, 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, 2023 are as follows:

​

​	​	​	​
Year ending December 31,		Amount
​	​	(dollars in thousands)
2024	​	$	193
2025	​		11
2026	​	​	9
2027	​	​	6
2028	​	​	—
Thereafter	​		—
Total	​	$	219

​

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 7
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-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-7

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