Premises and Equipment

3 Months Ended

Mar. 31, 2014

Property Plant And Equipment [Abstract]

NOTE 5 - PREMISES AND EQUIPMENT

Premises and equipment are stated at cost, less accumulated depreciation, as follows:


	March 31, 2014		December 31, 2013		Estimated Useful Life Years
Land	$	1,983,849	$	1,983,849
Land improvements		403,846		403,846		15
Leasehold improvements		1,083,051		1,083,051		15
Buildings		5,633,463		5,364,095		39
Furniture, fixtures & equipment		4,958,971		4,755,820		3 - 7

Total		14,063,180		13,590,661
Less accumulated depreciation		6,741,942		6,590,071

Premises and equipment, net	$	7,321,238	$	7,000,590

Charges to operations for depreciation approximated $151,872 and $141,164 for the three months ended March 31, 2014 and 2013, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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