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Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Classifications of premises and equipment

Major classifications of premises and equipment are summarized as follows:

(in thousands)	December 31,
	2013			2012

Land	$	5,794		$	5,794
Buildings		22,968			22,754
Leasehold improvements		1,238			1,238
Furniture and equipment		17,965			17,366
		47,965			47,152
Accumulated depreciation		(24,291	)		(22,609	)
Premises and equipment, net	$	23,674		$	24,543

Minimum annual rental payments under leases

The Company has entered into operating leases for several of its branch and ATM facilities. The minimum annual rental payments under these leases at December 31, 2013 are as follows:

(in thousands)	Minimum Lease
Year	Payments
2014	$	589
2015		553
2016		455
2017		399
2018		275
2019 and after		3
	$	2,274

- Definition

Tabular disclosure of the useful life and salvage value of 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.

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