Office Properties and Equipment, net

12 Months Ended

Dec. 31, 2014

Office Properties and Equipment, net

Office Properties and Equipment, net

	2014			2013
	(In thousands)
Land	$	572		$	572
Office buildings and improvements		3,231			3,126
Furniture, fixtures and equipment		1,655			2,140
		5,458			5,838
Less accumulated depreciation		(2,761	)		(3,113	)
Office properties and equipment, net	$	2,697		$	2,725

Depreciation expense was $241 thousand and $214 thousand for 2014 and 2013.

At December 31, 2014, 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 $478 thousand for 2014 and $458 thousand for 2013.

Rent commitments, before considering renewal options that generally are present, are as follows:

	Premises		Equipment		Total
	(In thousands)
Year ending December 31:
2015	$	386	$	39	$	425
2016		404		35		439
2017		416		34		450
2018		467		17		484
2019		481		—		481
Thereafter		661		—		661
Total	$	2,815	$	125	$	2,940