Office Properties and Equipment, net

12 Months Ended

Dec. 31, 2011

Office Properties and Equipment, net [Abstract]

Office Properties and Equipment, net

Note 8 – Office Properties and Equipment, net

Year-end office properties and equipment were as follows:

	2011			2010
	(In thousands)
Land	$	1,723		$	1,723
Office buildings and improvements		5,051			5,041
Furniture, fixtures and equipment		2,120			2,141
		8,894			8,905
Less accumulated depreciation		(4,268	)		(3,811	)
Office properties and equipment, net	$	4,626		$	5,094

Depreciation expense was $501 thousand and $425 thousand for 2011 and 2010. At December 31, 2011, the main office building, which had a carrying amount of $1.7 million, was classified as held-for-sale.

At December 31, 2011, the Company was obligated through 2013 under various non-cancelable operating leases on buildings and land used for office space and banking purposes. These operating leases contain escalation clauses which provide for increased rental expense, based primarily on increases in real estate taxes and cost-of-living-indices. The Company also leases certain office equipment. Rent expense under the operating leases was $252 thousand for 2011 and $285 thousand for 2010.

Rent commitments, before considering renewal options that generally are present, were as follows:

	Premises		Equipment		Total
	(In thousands)
Year ending December 31:
2012	$	82	$	84	$	166
2013		44		28		72
Total	$	126	$	112	$	238