Operating Leases

12 Months Ended

Jun. 30, 2013

Note 14. Operating Leases

The Bank of Greene County has non-cancelable lease commitments for three branch locations. These leases include obligations for real estate taxes, insurance and maintenance expenses. Total lease expense was $69,000 and $67,000 for the years ended June 30, 2013 and 2012, respectively. Minimum non-cancelable lease commitments for future years ending June 30 are as follows

(In thousands):


Fiscal year end		Annual Lease Payments
2014	$	70
2015		59
2016		46
Thereafter		-
Total payments	$	175

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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