PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

NOTE 9 — PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows:

		At December 31,
	Estimated useful lives	2013		2012
		(in thousands)

Buildings	30 years	$	9,559	$	7,614
Leasehold improvements	5-10 years		3,216		3,243
Furniture, fixtures and equipment	3-7 years		7,320		7,292
			20,095		18,149
Less accumulated depreciation			13,788		13,640
			6,307		4,509
Land			2,309		1,599
		$	8,616	$	6,108

The Company recognized depreciation expense of $672,000 and $781,000 for the years ended December 31, 2013 and 2012, 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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