PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

NOTE E – PREMISES AND EQUIPMENT

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

	Estimated Useful		December 31,
	Life in Years		2011	2010

Land	-		$ 7,869	$ 7,439
Buildings and improvements	10 - 40		18,186	18,186
Furniture and equipment	3 - 10		7,379	7,267
			33,434	32,892
Less accumulated depreciation and amortization			(10,963)	(9,970)

		$	22,471	$ 22,922

Depreciation expense was $1,124,000 for 2011, $1,105,000 for 2010, and $1,134,000 for 2009.

- 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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