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PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

Premises And Equipment

PREMISES AND EQUIPMENT

NOTE 7

PREMISES AND EQUIPMENT

The composition of premises and equipment at December 31 follows:

		2011				2010

Land		$	2,235			$	2,235
Buildings and improvements			9,211				9,263
Furniture and equipment			4,618				4,736

Total cost			16,064				16,234
Less – Accumulated depreciation and amortization			6,136				5,770

Totals		$	9,928			$	10,464

Depreciation and amortization charged to operating expenses amounted to $673 in 2011, $827 in 2010, and $801 in 2009.

Lease Commitments

PSB leases various pieces of equipment under cancelable leases and office space for one branch location under a noncancelable lease. The noncancelable branch location lease expires in May 2012. The lease is classified as operating. Future minimum payments under the noncancelable lease total $23 during 2012.

Rental expense for all operating leases was $69, $67, and $67, for the years ended December 31, 2011, 2010, and 2009, respectively.

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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