Premises and Equipment

9 Months Ended

Sep. 30, 2012

NOTE 6 — Premises and Equipment

The following table sets for the premises and equipment summary as of the dates indicated:


	September 30, 2012		December 31, 2011
(Dollars in thousands)	(Unaudited)
Furniture & Equipment	$	2,638	$	2,160
Leasehold Improvements		3,378		3,139

Gross Premises & Equipment		6,016		5,299
Less: Accumulated Depreciation		3,221		2,807

Premises & Equipment, net	$	2,795	$	2,492

Depreciation and amortization expense included in operating expenses for the nine months ended September 30, 2012 and September 30, 2011, was $0.2 million and $0.2 million, respectively. The Company leases all of its offices and branch facilities under non-cancelable operating lease arrangements. Certain leases contain options, which enable the Company to renew the leases for additional periods. In addition to minimum rentals, the leases have escalation clauses based upon price indices and include provisions for additional payments to cover real estate taxes and common area maintenance. Rent expense associated with these operating leases for the periods ended September 30, 2012 and September 30, 2011 totaled $1.0 million and $0.9 million, respectively.

The following is a schedule of future minimum lease payments required under operating leases that have initial or remaining lease terms in excess of one year as of the dates indicated:


	September 30, 2012		December 31, 2011
(Dollars in thousands)	(Unaudited)
2012	$	396	$	1,456
2013		1,580		1,580
2014		1,495		1,495
2015		1,501		1,501
2016		1,464		1,464
Thereafter		1,779		1,779

Total	$	8,215	$	9,275

- 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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