PREMISES & EQUIPMENT

12 Months Ended

Dec. 31, 2014

5. PREMISES & EQUIPMENT

Premises and equipment at December 31, 2014 and 2013 are summarized as follows (in thousands):

	December 31,
	2014	2013
Land	$ 3,295	$ 3,295
Buildings	12,456	12,448
Furniture, fixtures and equipment	6,187	6,204
Construction in process	1,836	104
	23,774	22,051
Less: accumulated depreciation	11,417	10,946
Premises and equipment, net	$ 12,357	$ 11,105

Depreciation expense amounted to $537,000, $598,000 and $606,000 for 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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