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Premises and Equipment

12 Months Ended

Dec. 31, 2012

Premises And Equipment

Premises and Equipment

NOTE 8

Premises and Equipment

The composition of premises and equipment at December 31 follows:

		2012				2011

Land		$	2,306			$	2,235
Buildings and improvements			9,596				9,211
Furniture and equipment			4,690				4,618

Total cost			16,592				16,064
Less – Accumulated depreciation and amortization			6,352				6,136

Totals		$	10,240			$	9,928

Depreciation and amortization charged to operating expenses amounted to $659 in 2012, $673 in 2011, and $827 in 2010.

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 2014. The lease is classified as operating. Future minimum payments under the noncancelable lease total $57 during 2013 and $24 during 2014.

Rental expense for all operating leases was $72, $69, and $67, for the years ended December 31, 2012, 2011, and 2010, 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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