Intangibles Assets

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Intangibles Assets

5. INTANGIBLE ASSETS

The following table lists the Corporation’s intangible assets at December 31, 2011 and 2010. Core deposit premiums have 2-3 years of remaining amortization, and account relationships have 1-8 years remaining amortization.

	2011	2010
Amortizing intangible assets
Core deposit premiums	$    391,304	$    573,046
Account relationships	155,215	67,830
Total intangible assets	$ 546,519	$ 640,876

The intangible assets’ carrying amount, accumulated amortization and amortization expense for December 31, 2011 and the five succeeding fiscal years are as follows:

	2011	2012	2013	2014	2015	2016
Amortizing intangible assets
Core deposit premiums
Gross carrying amount	$1,892,540	$1,892,540	$1,892,540	$1,670,415	$             0	$             0
Accumulated amortization	1,501,236	1,682,977	1,864,719	1,670,415	0	0
Net carrying amount	391,304	209,563	27,821	0	0	0
Amortization expense	181,742	181,742	181,742	27,822	0	0
Account relationships
Gross carrying amount	513,447	513,447	400,000	400,000	125,000	125,000
Accumulated amortization	358,232	395,973	316,484	333,594	74,219	89,844
Net carrying amount	155,215	117,474	83,516	66,406	50,781	35,156
Amortization expense	37,615	37,740	33,958	17,110	15,625	15,625
Total intangible assets
Gross carrying amount	2,405,987	2,405,987	2,292,540	2,070,415	125,000	125,000
Accumulated amortization	1,859,468	2,078,950	2,181,203	2,004,009	74,219	89,844
Net carrying amount	546,519	327,037	111,337	66,406	50,781	35,156
Amortization expense	$  219,357	$  219,482	$   215,700	$    44,932	$     15,625	$     15,625