PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

NOTE 7-PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows:

	Estimated useful lives	At December 31,
		2011		2010
		(in thousands)

Buildings	30 years	$	7,669	$	7,369
Leasehold improvements	5-10 years		3,262		3,254
Furiniture, fixtures and equipment	3-7 years		8,688		8,438
			19,619		19,061
Less accumulated depreciation			14,752		13,956
			4,867		5,105
Land			1,692		1,692
		$	6,559	$	6,797

The Company recognized depreciation expense of $853,000 and $867,000 for the years ended December 31, 2011 and 2010, 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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