pab bankshares, inc. - SNL Financial

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7.
PREMISES AND EQUIPMENT
Premises and equipment as of December 31, 2009 and 2008 follows.
2009 2008
Land $ 6,201,540 $ 6,201,540
Buildings and improvements 18,008,918 18,075,242
Furniture, fixtures and equipment 10,525,694
34,736,152
10,656,603
34,933,385
Less accumulated depreciation (16,126,680) (14,949,097)
$ 18,609,472 $ 19,984,288
Depreciation expense amounted to $1,435,557, $1,419,799 and $1,701,263, for the years ended December 31, 2009, 2008
and 2007, respectively.
The Company leases office space at six locations. One location is leased on a month-to-month basis. The other locations
are under agreements with minimum contractual obligations as of December 31, 2009 follows.
Year
Amount
2010 345,319
2011 324,831
2012 196,408
2013 182,608
2014 48,000
Later -
$ 1,097,166
The Company also has commitments on various short-term operating leases for equipment. Total lease expense amounted
to $665,340, $756,038 and $611,836 for the years ended December 31, 2009, 2008 and 2007, respectively.
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