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T Bancshares, Inc.
|
10-K
Mar 29, 3:52 PM ET
T Bancshares, Inc. 10-K
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Contents
5
NOTE 4. BANK PREMISES AND EQUIPMENT
Year-end premises and equipment were as follows:
Depreciation expense, including amortization of leasehold improvements, was $215,000 and $226,000 for the years ended December 31, 2016 and 2015, respectively.
The Company owns a two story, 33,000 square foot commercial office building. The building is approximately 64% leased and the Bank occupies approximately 11,000 square feet of the space, or 33% of the building.
On May 1, 2013, the Company entered into a sub-lease agreement covering its space located at 850 Hwy 114, Southlake, Texas. The term of the sub-lease ran concurrently with the term of the Company’s primary lease, both of which expired on February 28, 2017. The Company did not renew the lease and sublease. The Company’s monthly payment under the primary lease for 2016 was $5,785, which was partially offset by $5,240 the Company received under the sublease.