XML 101 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Contingent Liabilities
 12 Months Ended
Dec. 31, 2012
Contingent Liabilities [Abstract]  
Contingent Liabilities

Note 18 – Contingent liabilities

The Bank rents, under non-cancelable leases, three of its banking facilities and one mortgage production office.  The original lease for 615 Church Street expired on July 31, 2009.  On August 1, 2009, the Bank elected to enter into a new 10 year lease for this property.  The Bank has 6.5 years remaining on this lease.

The Bank entered into a lease agreement for 828 Main Street with Jamesview Investments, LLC of which a Board member is a 100% owner.  The initial term of the lease is 10 years with two five year renewal options for a total of 20 years.  The Bank has 11.5 years remaining on this lease including option periods.  The total expense to be incurred by the Bank over the course of the lease, including options to extend, is $4,277.

In December 2005, the Bank entered into a lease agreement for 4935 Boonsboro Road with Forehand Family Limited Partnership.  The initial term of the lease is 5 years with two five year renewal options for a total of 15 years.  The Bank has 8 years remaining on this lease including one remaining option period.

In September 2008, the Bank entered into a lease agreement for a potential future branch facility located at 1152 Hendricks Store Road, Moneta, Virginia.  The initial term of the lease is five years with one five year renewal option for a total of 10 years.  The property is currently being utilized as a seasonal mortgage origination office.  The Bank has 0.6 years remaining on the initial five year term of the lease.

Rental expenses under operating leases were $498 and $486 for the years ended December 31, 2012 and 2011, respectively.

The current minimum annual rental commitments under the non-cancelable leases in effect at December 31, 2012 are as follows:

 

 

 

 

 

Year Ending

Amount

 

2013
546 

 

2014
417 

 

2015
240 

 

2016
196 

 

2017
202 

 

Thereafter
332 

 

 

 

 

 
$
1,933