Premises And Equipment
12 Months Ended
Dec. 31, 2014
Premises And Equipment [Abstract]  
Premises And Equipment

 

NOTE 6-Premises and Equipment  

 

The following table presents a summary of premises and equipment as of December 31, 2014 and 2013.

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

2014 

 

 

2013 

 

 

Land

 

$

3,477 

 

$

3,445 

 

 

Buildings and improvements

 

 

18,544 

 

 

14,448 

 

 

Capitalized leased premises

 

 

672 

 

 

672 

 

 

Equipment

 

 

15,539 

 

 

14,151 

 

 

 

 

 

38,232 

 

 

32,716 

 

 

Less-accumulated depreciation/amortization

 

 

(19,761)

 

 

(18,117)

 

 

 Premises and equipment, net

 

$

18,471 

 

$

14,599 

 

 

PeoplesBank leases certain banking branches under capital and noncancellable operating leases.  The terms include various renewal options and provide for rental increases based upon predetermined factors.  Total lease expenses under operating leases amounted to $367,000 in 2014, $360,000 in 2013 and $423,000 in 2012. 

 

At December 31, 2014, future minimum lease payments for these leases and a capital lease are payable as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

Operating

 

 

(dollars in thousands)

 

Lease

 

Leases

 

 

2015

$

102 

$

716 

 

 

2016

 

 

670 

 

 

2017

 

 

635 

 

 

2018

 

 

604 

 

 

2019

 

 

420 

 

 

Thereafter

 

 

614 

 

 

 Total future minimum lease payments

 

102 

$

3,659 

 

 

Less interest

 

(6)

 

 

 

 

 Present value of minimum lease payments

$

96