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5. Bank Premises and Equipment

12 Months Ended

Dec. 31, 2013

5. BANK PREMISES AND EQUIPMENT

The major classes of bank premises and equipment and the total accumulated depreciation are as follows at December 31:

(In 000’s)	Estimated
	useful life	2013	2012

Buildings and leasehold improvements	10-15 years	$781	$874
Furniture and equipment	3- 7 years	1,107	775
		$1,888	$1,649
Less accumulated depreciation		$(1,239)	$(1,086)
		649	563

Depreciation expense on fixed assets totaled $152,659 and $220,281 for the years ended December 31, 2013 and 2012, respectively.

The Bank leases other facilities and other equipment under non-cancelable operating lease agreements. The amount of expense for operating leases for the years ended December 31, 2013 and 2012 was $507,700 and $465,800, respectively. Future minimum lease payments under operating leases are as follows:

(In 000’s)


Year ending December 31,	Operating leases
2014	$454
2015	446
2016	460
2017	397
2018	406
Thereafter	1,631

Total minimum lease payments	$3,794

In April 2013, the Bank renegotiated and extended its lease for the corporate and retail space located at the Graham Building for 10 years.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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