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Premises and Equipment
12 Months Ended
Dec. 31, 2011
Premises and Equipment [Abstract]  
Premises and Equipment
Note 5. Premises and Equipment

A summary of the Company’s premises and equipment is as follows:

 

      September 30,       September 30,  
    December 31,  
    2011     2010  
     

Land

  $ 1,075,880     $ 1,075,880  

Buildings

    5,505,834       5,420,219  

Leasehold improvements

    92,127       92,127  

Equipment

    5,000,705       4,738,938  

Automobiles

    22,494       22,494  

Construction in progress

    —         47,629  
   

 

 

   

 

 

 
      11,697,040       11,397,287  

Less accumulated depreciation

    (7,102,502     (6,695,627
   

 

 

   

 

 

 
     
    $ 4,594,538     $ 4,701,660  
   

 

 

   

 

 

 

Depreciation expense amounted to $491,883 and $551,196 for the years ended December 31, 2011 and 2010, respectively.