Premises and Equipment

12 Months Ended

Dec. 31, 2012

(4)	Premises and Equipment

A summary of premises and equipment follows (in thousands):

	At December 31,
	2012			2011

Land	$	1,171		$	1,171
Buildings and improvements		2,046			1,959
Furniture, fixtures and equipment		1,170			1,026
Leasehold improvements		119			119

Total, at cost		4,506			4,275

Less accumulated depreciation and amortization		(1,600	)		(1,584	)

Premises and equipment, net	$	2,906		$	2,691

The Company currently leases one branch facility under operating lease. The lease contains renewal options and requires the Company to pay an allowable share of common area maintenance and real estate taxes. Rent expense under the operating lease during the years ended December 31, 2012 and 2011 was $84,000 and $133,000, respectively. At December 31, 2012, the future minimum lease payments are approximately as follows (in thousands):

Year Ending December 31,	Amount

2013	$	80
2014		88
2015		88
2016		88
2017		88
Thereafter		88

	$	520

- 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.

+ References+ Details