PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

NOTE 6 – PREMISES AND EQUIPMENT

Year-end premises and equipment were as follows:

	2014			2013
Land and improvements	$	4,321		$	3,614
Buildings and leasehold improvements		16,651			13,695
Furniture and equipment		8,838			7,646
Assets purchased not yet placed in service		1,756			2,292
		31,566			27,247
Less: accumulated depreciation		(10,182	)		(9,449	)
	$	21,384		$	17,798

Operating Leases: The Company leases certain branch and other properties as well as some equipment under operating leases. Some leases provide for periodic rate adjustments based on cost-of-living index changes. Rent expense, net of rental income, was $935, $990, and $985 for 2014, 2013, and 2012. Rent commitments, before considering renewal options that generally are present, were as follows:

2015	$	944
2016		928
2017		879
2018		413
2019 and thereafter		1,508
	$	4,672

- 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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