Office Property And Equipment

12 Months Ended

Dec. 31, 2016

Office Property and Equipment [Abstract]

Office Property And Equipment

(6)  OFFICE PROPERTY AND EQUIPMENT

	Estimated	December 31
(Dollars in thousands)	Useful Lives	2016		2015
Land		$	840	$	840
Buildings and leasehold improvements	5-31.5 years		12,984		10,982
Furniture, fixtures and equipment	2-20 years		16,094		14,712
Total cost			29,918		26,534
Less accumulated depreciation			(20,675)		(19,728)
Office property and equipment, net		$	9,243	$	6,806

Amounts charged to operating expense for depreciation for the years ended December 31, 2016 and 2015 amounted to $947,000and $825,000, respectively.

The Bank leases office space from Headwaters Associates, a Pennsylvania general partnership for which William S. Latoff (who passed away on January 11, 2016), the Company’s former Chairman of the Board and Chief Executive Officer until the time of his death, was one of two general partners. Pursuant to the terms of the Lease, the Bank paid Headwaters an aggregate of $303,000 in 2016, and $139,000 in 2015. As a general partner in Headwaters, Mr. Latoff or his estate received $151,000 and$69,000 in 2016 and 2015, respectively, as a result of the lease. Mary D. Latoff, a director, is the Executrix for The Estate of William S. Latoff, and in her role as Executrix, has the sole investment power with respect to the portion of Headwaters owned by the Estate.