Premises and Equipment, Net

12 Months Ended

Mar. 31, 2012

Premises and Equipment, Net:

Premises and Equipment, Net

(5) Premises and Equipment, Net

Premises and equipment, net, at March 31 are summarized as follows:

		2012		2011
Land	$	5,471,503	$	5,471,503
Buildings And Improvements		17,570,577		17,592,015
Furniture And Equipment		11,180,104		10,756,795
Construction In Progress		83,749		97,463
		34,305,933		33,917,776
Less Accumulated Depreciation		(15,579,634)		(14,117,160)
Total Premises And Equipment, Net	$	18,726,299	$	19,800,616

Depreciation expense for the years ended March 31, 2012, 2011, and 2010 was $1.5 million, $1.5 million, and $1.6 million, respectively. The Bank has entered into non-cancelable operating leases related to buildings and land.  At March 31, 2012, future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or more are as follows (by fiscal year):

2013	$	406,798
2014		413,811
2015		413,811
2016		326,835
2017		242,288
Thereafter		1,322,167
	$	3,125,710

Total rental expense amounted to $401,000, $434,000, and $434,000 for the years ended March 31, 2012, 2011 and 2010, respectively.  Four lease agreements with monthly expenses of $6,179, $800, $7,792, and $9,075 have multiple renewal options totaling 30, 10, 40, and 10 years, respectively.