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PREMISES, FURNITURE AND EQUIPMENT
3 Months Ended
Mar. 31, 2012
PREMISES, FURNITURE AND EQUIPMENT  
PREMISES, FURNITURE AND EQUIPMENT

NOTE 9 - PREMISES, FURNITURE AND EQUIPMENT

 

Premises, furniture and equipment consist of the following for the periods ended March 31, 2012 and December 31, 2011:

 

 

 

2012

 

2011

 

Land and land improvements

 

$

3,265,318

 

$

3,265,318

 

Building and leasehold improvements

 

18,409,641

 

18,409,641

 

Furniture and equipment

 

4,666,661

 

4,651,975

 

Software

 

744,210

 

742,257

 

Total

 

27,085,830

 

27,069,191

 

Less, accumulated depreciation

 

5,054,728

 

4,783,296

 

Premises, furniture and equipment, net

 

$

22,031,102

 

$

22,285,895

 

 

Depreciation expense for the three months ended March 31, 2012 and 2011 amounted to $271,432 and $224,595, respectively.