PREMISES & EQUIPMENT

12 Months Ended

Dec. 31, 2011

(5) PREMISES & EQUIPMENT

Premises and equipment at December 31, 2011 and 2010 are as follows:

	2011		2010
Land	$	3,553,406	$	3,553,406
Buildings		31,007,830		31,032,358
Equipment and furniture		29,950,767		28,485,145
Leasehold improvements		4,175,024		2,941,317
		68,687,027		66,012,226
Less accumulated depreciation and amortization		43,924,622		41,819,633
	$	24,762,405	$	24,192,593

Depreciation expense was $2,861,644, $2,778,065 and $2,792,807 for 2011, 2010 and 2009, respectively.

Operating Leases: The Corporation leases certain branch properties under operating leases. Rent Expense was $1,048,920, $683,561, and $662,119 for 2011, 2010, and 2009. Rent commitments, before considering renewal options that generally are present, were as follows:

Year	Estimated Expense
2012	$	894,298
2013		866,304
2014		825,869
2015		799,887
2016		805,543
2017 and thereafter		2,872,374
Total	$	7,064,275

- 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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