PREMISES & EQUIPMENT

12 Months Ended

Dec. 31, 2013

5. PREMISES & EQUIPMENT

Premises and equipment at December 31, 2013 and 2012 are summarized as follows (in thousands):

	December 31,
	2013	2012
Land	$ 3,295	$ 3,278
Buildings	12,448	12,448
Furniture, fixtures and equipment	6,204	6,374
Construction in process	104	64
	22,051	22,164
Less: accumulated depreciation	10,946	10,643
Premises and equipment, net	$ 11,105	$ 11,521

Depreciation expense amounted to $598,000, $606,000 and $649,000 for 2013, 2012 and 2011, 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.

+ References+ Details