Premises, Equipment and Lease Commitments

12 Months Ended

Mar. 31, 2013

Premises, Equipment and Lease Commitments

Note 7 – Premises, Equipment and Lease Commitments

Premises and equipment are summarized as follows:

	March 31,
	2013			2012
	(In thousands)
Land and land improvements	$	7,948		$	7,359
Office buildings		41,569			40,608
Furniture and equipment		36,666			45,758
Leasehold improvements		4,280			4,501
		90,463			98,226
Less accumulated depreciation and amortization		(65,994	)		(72,773	)
	$	24,469		$	25,453

Depreciation expense is summarized as follows:

	For the Year Ended March 31,
	2013		2012		2011
	(In thousands)
Building depreciation expense	$	1,397	$	1,484	$	1,666
Furniture and fixture depreciation expense		1,682		2,010		2,438
	$	3,079	$	3,494	$	4,104

The Corporation leases 21 branch offices and office facilities under non-cancelable operating leases which expire on various dates through 2030. Future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or more at March 31, 2013 are as follows:

Fiscal Year Ending March 31,	Amount of Future Minimum Payments
	(In thousands)
2014	$	1,480
2015		1,406
2016		1,193
2017		1,108
2018		970
Thereafter		6,271
Total	$	12,428

For the years ended March 31, 2013, 2012 and 2011, land and building lease rental expense was $1.9 million, $2.2 million and $2.4 million, respectively.