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Contingent Liabilities
 12 Months Ended
Dec. 31, 2013
Contingent Liabilities [Abstract]  
Contingent Liabilities

 

Note 18 – Contingent liabilities

The Bank rents, under non-cancelable leases, four of its banking facilities, one mortgage production office, and one commercial loan 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 5.5 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 10.5 years remaining on this lease including option periods.  The total expense to be incurred by the Bank over the entire course of the lease, including options to extend, is estimated to be $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 was  5 years with two five year renewal options for a total of 15 years.  The Bank has 7 years remaining on this lease including one remaining option period.

In September 2013, the Bank entered into a lease agreement for 1430 Rolkin Court in Charlottesville, VA with Luxor Office Park, LLC.  Lease payments did not begin on the property until the upfit was completed on January 1, 2014.  The initial term of the lease is 5 years with one five year renewal option for a total of 10 years.  The Bank has 10 years remaining on this lease including the one option period.

Rental expenses under operating leases were $516 and $498 for the years ended December 31, 2013 and 2012, respectively.

The current minimum annual rental commitments under the non-cancelable leases in effect at December 31, 2013 are as follows:

 

 

 

 

 

Year Ending

Amount

 

2014
558 

 

2015
537 

 

2016
494 

 

2017
501 

 

2018
509 

 

Thereafter
279 

 

 

 

 

 
$
2,878