GAIN ON SALE-LEASEBACK OF REAL ESTATE

3 Months Ended

Mar. 31, 2017

GAIN ON SALE-LEASEBACK OF REAL ESTATE [Abstract]

GAIN ON SALE-LEASEBACK OF REAL ESTATE

11. GAIN ON SALE-LEASEBACK OF REAL ESTATE

On January 6, 2017, the Company executed a sale-leaseback transaction related to land and building which is partially occupied by our Auburn Branch. The lease carries an initial lease term of six years and is classified as an operating lease. The sale resulted in a total gain of $1,682, of which $495 has been deferred as a component of Other Liabilities and will be accounted for as a reduction of Occupancy and equipment expense over the initial lease term.  The Company recognized $14 as a reduction of Occupancy and equipment expense for the three month period ended March 31, 2017.