Premises and Equipment, Net

9 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Premises and equipment, net, are summarized as follows for the dates indicated:



	December 31,			March 31,
	2012			2012
Land	$	5,471,503		$	5,471,503
Buildings And Improvements	17,591,652			17,570,577
Furniture And Equipment	10,684,296			11,180,104
Construction In Progress	77,058			83,749
Total Premises And Equipment	33,824,509			34,305,933
Less Accumulated Depreciation	(15,906,612		)	(15,579,634		)
Total Premises And Equipment, Net	$	17,917,897		$	18,726,299

Depreciation expense for the nine months ended December 31, 2012, and for the years ended March 31, 2012, and 2011 was $1.1 million, $1.5 million, and $1.5 million, respectively. The Bank has entered into non-cancelable operating leases related to buildings and land. At December 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	$	413,520
2014	415,125
2015	357,141
2016	299,157
2017	261,665
Thereafter	1,156,558
Total Future Minimum Payments	$	2,903,166

Total rental expense amounted to $306,000, $401,000, and $434,000 for the nine months ended December 31, 2012, and for the years ended March 31, 2012 and 2011, respectively. Four lease agreements with monthly expenses of $6,484, $800, $8,571, and $9,983 have multiple renewal options totaling 30, 10, 35, and 10 years, 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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