5. Bank Premises and Equipment

12 Months Ended

Dec. 31, 2015

Notes

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	2015	2014
Leasehold improvements	10-15 years	$   788	$  785
Furniture and equipment	3- 7 years	1,297	1,179
		2,085	1,964
Less accumulated depreciation		(1,592)	(1,415)
		$   493	$   549

Depreciation expense on fixed assets totaled $177,987 and $175,465 for the years ended December 31, 2015 and 2014, 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, 2015 and 2014 was $481,721 and $496,981, respectively.

Future minimum lease payments under operating leases are as follows:

 (In 000’s)

Year ending December 31,	Operating     leases
2016	$  423
2017	408
2018	416
2019	411
2020	332
Thereafter	888
Total minimum lease payments	$2,878