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Premises and Equipment

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Premises and Equipment

4. PREMISES AND EQUIPMENT

The amounts reported as bank premises and equipment at December 31, 2011 and 2010 are as follows:

			2011				2010

Land		$	3,294,351			$	2,866,634
Building			9,807,405				9,872,214
Furniture and equipment			7,459,022				7,628,479
Construction in process			602,275				0
			21,163,053				20,367,327
Less accumulated depreciation			(11,220,624	)			(11,145,986	)

Total		$	9,942,429			$	9,221,341

Depreciation of premises and equipment was $829,868, $782,739, and $719,527 in 2011, 2010, and 2009, respectively. The Corporation depreciates its long-lived assets on various methods over their estimated productive lives, as more fully described in Note 1, Summary of Significant Accounting Policies.

The Corporation’s first full-service banking center and mortgage origination office were opened in Valdosta, Georgia in June 2010 and January 2011, respectively. Construction is almost complete on our second Valdosta area banking center and is expected to open in the first quarter of 2012.

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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