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Premises and Equipment

12 Months Ended

Dec. 31, 2013

NOTE 8

Premises and Equipment

The composition of premises and equipment at December 31 follows:

	2013		2012

Land	$	2,261	$	2,306
Buildings and improvements		9,379		9,596
Furniture and equipment		3,084		3,099
Computer hardware and software		1,690		1,591

Total cost		16,414		16,592
Less – Accumulated depreciation and amortization		6,745		6,352

Totals	$	9,669	$	10,240

Depreciation and amortization charged to operating expenses amounted to $723 in 2013, $659 in 2012, and $673 in 2011.

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 $24 during 2014.

Rental expense for all operating leases was $76, $72, and $69, for the years ended December 31, 2013, 2012, and 2011, respectively.

- 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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