Premises and Equipment

12 Months Ended

Dec. 31, 2019

Premises and Equipment

Premises and Equipment

Note 6: Premises and Equipment

Premises and equipment are summarized as follows for the years ended December 31, 2019 and 2018:

	Rang of	December 31,
	Useful Lives	2019		2018
Land	N/A	$	5,174	$	5,174
Building	15 - 39 Years		3,487		3,462
Leasehold Improvements	3 ‑ 10 Years		3,344		2,718
Furniture and Equipment	3 ‑ 5 Years		3,902		3,191
Construction in Progress	N/A		16,693		2,494
Subtotal			32,600		17,039
Accumulated Depreciation			(4,972)		(3,965)
Totals		$	27,628	$	13,074

Depreciation and amortization expense charged to noninterest expense for the years ended December 31, 2019, 2018 and 2017, totaled $1,008,  $761 and $694, respectively. Construction in progress represents amounts paid for the construction of the Company’s new corporate headquarters building. Construction is expected to be completed in 2020.

Pursuant to the terms of non‑cancelable lease agreements in effect at December 31, 2019, pertaining to banking premises in Bloomington, Downtown Minneapolis, St. Paul and Uptown Minneapolis (Drive‑Up) total future minimum rent commitments under various operating leases are as follows:

	2019
2020	$	776
2021		336
2022		327
2023		319
2024		324
Thereafter		1,130
Totals	$	3,212

Rent expense, including common area maintenance pertaining to banking premises for the years ended December 31, 2019, 2018 and 2017, totaled $1,264,  $870 and $774, respectively.

The Bloomington, Downtown Minneapolis and St. Paul leases each contain two consecutive options to extend the lease for a period of five years each. The Uptown Minneapolis (Drive‑Up) contains one option to extend the lease for a period of five years. The monthly minimum rent payable will be at a market rate as reasonably determined by the lessor.

The Greenwood location is leased pursuant to the terms of a non‑cancelable lease agreement with Bridgewater Properties Greenwood, LLC, a related party through common ownership, in effect at December 31, 2019. The lease contains two consecutive options to extend the lease for a period of five years each. Future minimum rent commitments under the operating lease are listed below.

	2019
2020	$	164
2021		111
Totals	$	275