Premises and Equipment

12 Months Ended

Dec. 31, 2014

NOTE 8 Premises and Equipment

The composition of premises and equipment at December 31 follows:

	2014		2013

Land	$	2,756	$	2,261
Buildings and improvements		10,466		9,379
Furniture and equipment		2,802		3,084
Computer hardware and software		1,802		1,690

Total cost		17,826		16,414
Less – Accumulated depreciation and amortization		6,985		6,745

Totals	$	10,841	$	9,669

Depreciation and amortization charged to operating expenses amounted to $727 in 2014, $723 in 2013, and $659 in 2012.

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 2016. The lease is classified as operating. Future minimum payments under the noncancelable lease total $61 during 2015 and $26 during 2016.

Rental expense for all operating leases was $78, $76, and $72, for the years ended December 31, 2014, 2013, and 2012, 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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