BANK PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2018

BANK PREMISES AND EQUIPMENT

5. BANK PREMISES AND EQUIPMENT

5. BANK PREMISES AND EQUIPMENT

The major classes of bank premises and equipment and the total accumulated depreciation are as follows at December 31:

(In 000’s)	Estimated
	useful life	2018			2017
Leasehold improvements	10-15 years	$	834		$	832
Furniture and equipment	3- 7 years		1,457			1,439
			2,291			2,271
Less accumulated depreciation			(2,128	)		(1,968	)
		$	163		$	303

Depreciation expense on fixed assets totaled $160,261 and $185,882 for the years ended December 31, 2018 and 2017, respectively.

The Bank leases its facilities and certain equipment under non-cancelable operating lease agreements. The amount of expense for operating leases for the years ended December 31, 2018 and 2017 was $473,767 and $477,689, respectively. Future minimum lease payments under operating leases are as follows:

(In 000’s)
Year ending December 31,	Operating leases
2019	$	515
2020		438
2021		447
2022		455
2023		316
Thereafter		-
Total minimum lease payments	$	2,171