7. PREMISES AND EQUIPMENT

An analysis of premises and equipment follows:


	AT DECEMBER 31,
	2012		2011
	(IN THOUSANDS)
Land	$	1,208	$	1,208
Premises		24,430		23,534
Furniture and equipment		7,572		6,941
Leasehold improvements		690		516
Total at cost		33,900		32,199
Less: Accumulated depreciation and amortization		22,102		21,525
Net book value	$	11,798	$	10,674

The Company recorded depreciation expense of $1.5 million for each of the years 2012, 2011 and 2010, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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