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PREMISES AND EQUIPMENT

12 Months Ended

Sep. 30, 2011

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

7. PREMISES AND EQUIPMENT

Premises and equipment at September 30, 2011 and 2010 are summarized as follows:

		2011			2010

Land		$	5,609,693		$	5,609,693
Office buildings and improvements		15,737,264			15,426,039
Furniture and equipment		11,451,292			11,547,579
		32,798,249			32,583,311
Less accumulated depreciation		(14,340,083		)	(13,819,213		)

Total		$	18,458,166		$	18,764,098

Depreciation expense on premises and equipment totaled $2.0 million, $1.9 million and $1.9 million for the years ended September 30, 2011, 2010 and 2009, respectively.

Certain facilities of the Company are leased under various operating leases. Amounts paid for rent expense for the fiscal years ended September 30, 2011, 2010 and 2009 were approximately $849,000, $690,000 and $689,000, respectively. At September 30, 2011, future minimum rental commitments under non-cancelable leases are as follows:

Due in years ending September 30,
2012		$	784,772
2013		766,375
2014		547,482
2015		505,821
2016		546,346
Thereafter		1,076,536
Total		$	4,227,332

The entire disclosure for 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. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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