Note 8 - Office Properties and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

8. OFFICE PROPERTIES AND EQUIPMENT

Office properties and equipment consisted of the following at December 31 (in thousands):

	2014			2013
Land and land improvements	$	10,796		$	5,340
Buildings and improvements		42,995			19,358
Furniture and equipment		9,452			5,770
Automobiles and other		823			210
Total		64,066			30,678
Accumulated depreciation		(13,734	)		(11,909	)
Office properties and equipment—net	$	50,332		$	18,769

Depreciation expense for each of the years ended December 31, 2014 and 2013 was approximately $2.2 million and $1.4 million, respectively.

Pursuant to the terms of noncancelable lease agreements in effect at December 31, 2014, pertaining to banking premises and equipment, future minimum rent commitments (in thousands) under various operating leases are as follows:

Years Ending December 31	Amount
2015	$	656
2016		626
2017		534
2018		355
2019		255
2020 and thereafter		3,503
Total	$	5,929

The leases contain options to extend for periods from five to twenty-five years. The cost of rentals in the renewal periods are not included above except for one lease where there is a loan outstanding between the Bank and the lessor. Total future minimum lease payments for the initial term of this lease and applicable renewal periods reflected in the table total approximately $4.1 million. Total rent expense for the years ended December 31, 2014 and 2013 amounted to $484,000 and $287,000, respectively.

The Company also leases certain of its banking premises to third parties under operating lease agreements. The following is a schedule by years of minimum future rentals receivable on noncancelable operating leases (in thousands):

Years Ending December 31	Amount
2015	$	264
2016		259
2017		192
2018		86
2019		28
2020 and thereafter		95
Total	$	924

The leases contain options to extend for periods up to ten years. Such rentals are not included above. Total rental income for the years ended December 31, 2014 and 2013 amounted to $285,000 and $109,000, respectively.