5. Bank Premises and Equipment

12 Months Ended

Dec. 31, 2014

Notes

5. Bank Premises and Equipment

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	2014	2013
Leasehold improvements	10-15 years	$785	$781
Furniture and equipment	3- 7 years	1,179	1,107
		1,964	$1,888
Less accumulated depreciation		(1,415)	(1,239)
		$549	$649

Depreciation expense on fixed assets totaled $175,465 and $152,659 for the years ended December 31, 2014 and 2013, respectively.

The Bank leases its facilities and certain equipment under non-cancelable operating lease agreements. The amount of expense for operating leases for the years ended December 31, 2014 and 2013 was $496,981 and $507,745, respectively.

Future minimum lease payments under operating leases are as follows:

(In 000’s)
Year ending December 31,	Operating leases
2015	$456
2016	470
2017	408
2018	416
2019	411
Thereafter	1,220
Total minimum lease payments	$3,381