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Premises and Equipment
 12 Months Ended
Dec. 31, 2018
Premises and Equipment  
Premises and Equipment

Note 5. Premises and Equipment

A summary of premises and equipment is as follows:

 

 

 

 

 

 

 

 

 

 

    

Useful

    

December 31,

 

 

lives

 

2018

 

2017

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

  

 

$

685

 

$

685

Buildings

 

5-50 years

 

 

6,491

 

 

6,445

Equipment and fixtures

 

5-30 years

 

 

7,426

 

 

5,763

Construction in progress

 

  

 

 

 —

 

 

 —

 

 

  

 

 

14,602

 

 

12,893

Accumulated depreciation

 

  

 

 

(11,496)

 

 

(9,522)

 

 

  

 

 

  

 

 

  

 

 

  

 

$

3,106

 

$

3,371

 

Depreciation expense totaled $0.4 million for the years ended December 31, 2018 and 2017.  Amortization of software totaled $0.1 million for the years ended December 31, 2018 and 2017.

The Bank leases its Severna Park and Linthicum branches.  Minimum lease obligations under the Severna Park branch are $33,000 per year through September 2019.  Minimum lease obligations under the Linthicum branch are $120,952 per year through December 2024, adjusted annually on a pre-determined basis.  The Bank is also required to pay all maintenance costs under all these leasing arrangements.  Income from rent totaled $75,074 and $69,622 and rent expense totaled $164,847 and $161,007 for the years ended December 31, 2018 and 2017, respectively.