Premises and Equipment
 12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
Premises and Equipment

Note 5. Premises and Equipment

 

A summary of premises and equipment is as follows:

 

  Useful         
  lives 2015  2014  2013 
            
Land   $684,977  $684,977  $684,977 
Buildings 5-50 years  6,283,741   6,221,980   6,142,509 
Equipment and fixtures 5-30 years  5,365,211   5,400,514   5,187,984 
Construction in progress    500   53,197   61,155 
     12,334,429   12,360,668   12,076,625 
Accumulated depreciation    (8,965,564)  (8,689,373)  (8,379,853)
               
    $3,368,865  $3,671,295  $3,696,772 

 

Depreciation expense totaled $393,200, $399,083, and $392,146 for the years ended December 31, 2015, 2014, and 2013, respectively. Amortization of software totaled $59,506, $21,970, and $26,236 for the years ended December 31, 2015, 2014, and 2013, respectively.

 

The Bank leases its Severna Park and Linthicum branches. Minimum lease obligations under the Severna Park branch are $33,000 per year through September 2016. Minimum lease obligations under the Linthicum branch are $120,952 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. Rent expense totaled $153,659, $150,145, and $137,232 for the years ended December 31, 2015, 2014, and 2013, respectively.