Premises and Equipment

12 Months Ended

Dec. 31, 2018

Premises and Equipment [Abstract]

Premises and Equipment

NOTE 10 - PREMISES AND EQUIPMENT

A summary of the cost and accumulated depreciation of premises and equipment at December 31, 2018 and 2017 follows:

	December 31,
(dollars in thousands)	2018	2017
Land	$                    4,358	$                    4,172
Building and improvements	25,198	23,038
Furniture and equipment	9,715	9,225
Automobiles	303	303
Total cost	39,574	36,738
Less accumulated depreciation	16,652	15,347
Premises and equipment, net	$                  22,922	$                  21,391

Certain Bank facilities are leased under various operating leases. Rent expense was $974,000,  $761,000 and $723,000 for the years ended December 31, 2018, 2017 and 2016, respectively. Future minimum rental commitments under non-cancellable operating leases are as follows at December 31, 2018:

(dollar in thousands)
2019	$                      663
2020	715
2021	735
2022	668
2023	681
Thereafter	4,488
Total	$                    7,950

As of December 31, 2016, the Company had a small office condo under contract held for sale with a fair value of $345,000 that was recorded as a non-recurring Level 2 asset at December 31, 2016. The contract on the property was cancelled during 2017, and the asset was transferred and recorded as a non-recurring Level 3 asset. During 2017, the property was sold for net proceeds of $392,000 with a gain on the sale of $47,000.