Office Properties and Equipment, net

12 Months Ended

Dec. 31, 2017

Office Properties and Equipment, net

Office Properties and Equipment, net

Note 6 – Office Properties and Equipment, net

Year-end office properties and equipment were as follows:

	2017			2016
	(In thousands)
Land	$	572		$	572
Office buildings and improvements		3,203			3,114
Furniture, fixtures and equipment		1,786			1,805
		5,561			5,491
Less accumulated depreciation		(3,155	)		(3,012	)
Office properties and equipment, net	$	2,406		$	2,479

Depreciation expense was $256 thousand and $251 thousand for the years 2017 and 2016, respectively.

At December 31, 2017, 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 $587 thousand for 2017 and $566 thousand for 2016.

Minimum noncancelable lease commitments, before considering renewal options that generally are present, are as follows:

	Premises		Equipment		Total
	(In thousands)
Year ending December 31:
2018	$	482	$	35	$	517
2019		481		35		516
2020		494		35		529
2021		167		15		182
Total	$	1,624	$	120	$	1,744