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Premises and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Note 5 – Premises and Equipment

As of December 31, premises and equipment consisted of the following:

(Dollars in thousands)
		2014			2013
Land and land improvements	$	4,337		$	4,221
Leasehold improvements		38			38
Buildings		11,859			11,838
Furniture and equipment		4,844			4,517
Total cost		21,078			20,614
Accumulated depreciation		(9,283	)		(8,619	)
Premises and equipment, net	$	11,795		$	11,995

Depreciation expense was $986,000, $927,000, and $900,000 for 2014, 2013 and 2012, respectively.

The Bank leases a branch property in its normal course of business. Rent expense totaled $52,000, $56,000, and $98,000 for 2014, 2013 and 2012, respectively. Rent commitments under non-cancelable operating leases were as follows, before considering renewal options that generally are present.

(Dollars in thousands)

2014	$	51
2015		38
Total	$	89

- 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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