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Bank Premises and Equipment

12 Months Ended

Dec. 31, 2011

Bank Premises and Equipment [Abstract]

Note 5. Bank Premises and Equipment

The major classes of bank premises and equipment and accumulated depreciation and amortization at December 31 were as follows:

	2011			2010

Buildings and improvements	$	10,668,590		$	10,515,227
Land and land improvements		2,378,813			2,378,812
Furniture and equipment		7,011,347			6,199,355
Leasehold improvements		1,296,405			1,293,328
Capital lease		976,907			927,889
Other		17,490			89,507
		22,349,552			21,404,118
Less accumulated depreciation and amortization		(9,634,326	)		(8,612,147	)
	$	12,715,226		$	12,791,971

Depreciation and amortization included in occupancy expenses amounted to $1,022,178 and $1,035,739 for the years ended December 31, 2011 and 2010, respectively.

The Company is obligated under non-cancelable operating leases for bank premises expiring in various years through 2016, with options to renew. Minimum future rental payments for these leases with original terms in excess of one year as of December 31, 2011 for each of the next five years and in aggregate are:

2012	$	171,374
2013		171,374
2014		147,083
2015		123,028
2016		55,000
	$	667,859

Total rental expense amounted to $222,180 and $221,243 for the years ended December 31, 2011 and 2010, respectively.

Capital lease obligations

The following is a schedule by years of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments as of December 31, 2011:

2012	$	123,755
2013		123,755
2014		126,255
2015		129,755
2016		129,755
Subsequent to 2016		553,913
Total minimum lease payments		1,187,188
Less amount representing interest		(353,721	)
Present value of net minimum lease payments	$	833,467

- Definition

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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