Premises and Equipment

12 Months Ended

Dec. 31, 2011

Note 7 – Premises and Equipment

Major classifications of premises and equipment are summarized as follows:

(in thousands)	December 31,
	2011			2010

Land	$	5,826		$	3,967
Buildings		23,155			18,847
Leasehold improvements		1,238			558
Furniture and equipment		16,883			14,127
		47,102			37,499
Accumulated depreciation		(21,428	)		(17,990	)
Premises and equipment, net	$	25,674		$	19,509

Depreciation expense for the years ended December 31, 2011, 2010, and 2009 was $1,385,000, $1,253,000, and $1,201,000, respectively.

The Company has entered into operating leases for several of its branch and ATM facilities. The minimum annual rental payments under these leases at December 31, 2011 are as follows:

(in thousands)	Minimum Lease
Year	Payments
2012	$	529
2013		463
2014		389
2015		369
2016		277
2017 and after		493
Total	$	2,520

Rent expense for the years ended December 31, 2011, 2010, and 2009 was $452,000, $275,000, and $325,000, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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