PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE F - PREMISES AND EQUIPMENT

The following is a summary of premises and equipment at December 31, 2014 and 2013:

	2014		2013
	(dollars in thousands)
Land	$	5,097	$	3,105
Buildings		13,615		9,144
Furniture and equipment		4,743		3,903
Leasehold improvements		144		40
Construction in progress		64		86
23,663		16,278
Less accumulated depreciation		6,064		5,378
Total	$	17,599	$	10,900

Depreciation amounting to approximately $736,000, $522,000, and $581,000 for the years ended December 31, 2014, 2013, and 2012, respectively, is included in occupancy and equipment expense, data processing and other outsourced services expense and other expenses.

The Company has operating leases for its corporate offices and branches that expire at various times through 2027. Future minimum lease payments under the leases for years subsequent to December 31, 2014 are as follows:

	Total Lease Payments
	(dollars in thousands)
2015	$	262
2016		194
2017		126
2018		117
2019		126
Years thereafter		736
	$	1,561

During 2014, 2013, and 2012, payments under operating leases were approximately $290,000, $185,000, and $131,000, respectively. Lease expense was accounted for on a straight line basis. Rental income earned on office space leased to third parties is $84,000 for 2014 and there was no rental income for 2013 and 2012. Future rental income is expected to be immaterial to the consolidated financial statements of the Company.