Premises and Equipment

12 Months Ended

Dec. 31, 2012

Note 8 – Premises and Equipment

Premises and equipment are summarized as follows:

	At December 31,
	2012			2011
	(in thousands)
Leasehold improvements	$	2,874		$	2,790
Furniture and equipment		1,846			1,650
		4,720			4,440
Accumulated depreciation and amortization		(2,464	)		(2,055	)
	$	2,256		$	2,385

Depreciation and amortization expense for the years ended December 31, 2012 and 2011 amounted to $394,000 and $374,000 respectively.

The Company leases office space in several buildings. Generally, operating leases contain renewal options and provisions requiring the Company to pay property taxes and operating expenses over base period amounts. All rental payments are dependent only upon the lapse of time.

Minimum rental payments under non-cancelable operating leases with initial or remaining terms of one year or more are as follows:

Year ending
December 31,	Amount
	(in thousands)
2013	$	806
2014		764
2015		722
2016		677
2017		369
Thereafter		881
	$	4,220

The total rental expense for the years ended December 31, 2012 and 2011 for all facilities leased under operating leases was approximately $780,000 and $763,000, 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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