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Premises and Equipment
 12 Months Ended
Dec. 31, 2016
Property Plant And Equipment [Abstract]  
Premises and Equipment

7.

PREMISES AND EQUIPMENT

A summary of the cost and accumulated depreciation and amortization of premises and equipment is as follows:

 

 

 

December 31,

 

 

Estimated

 

 

2016

 

 

2015

 

 

Useful Life

 

 

(In thousands)

 

 

(In years)

Land and improvements

 

$

2,676

 

 

$

1,176

 

 

 

Buildings and leasehold improvements

 

 

4,569

 

 

 

3,670

 

 

5 to 50

Equipment

 

 

3,722

 

 

 

3,375

 

 

3 to 10

Construction-in-progress

 

 

611

 

 

 

14

 

 

 

 

 

 

11,578

 

 

 

8,235

 

 

 

Less accumulated depreciation and amortization

 

 

(5,298

)

 

 

(5,330

)

 

 

 

 

$

6,280

 

 

$

2,905

 

 

 

 

Total depreciation and amortization expense for the years ended December 31, 2016 and 2015 amounted to $587,000 and $631,000, respectively.

In December 2015, the Company entered into a sale/leaseback agreement for its corporate office building at which time the net book value of the property, amounting to $1,098,000, was reclassified to assets held for sale included in other assets in the accompanying consolidated balance sheet as of December 31, 2015. The leaseback period is for three years.  In January 2016, the sale of the building was completed at which time the Company recognized an insignificant gain after considering all selling costs.