PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2012

4. PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows:

	December 31,

	2012		2011
Land	$	2,250,250	$	2,250,250
Buildings and improvements		7,606,772		7,450,367
Furniture and equipment		9,000,496		8,750,180

		18,857,518		18,450,797
Less accumulated depreciation		11,901,379		11,222,633

	$	6,956,139	$	7,228,164

Depreciation expense amounted to $660,000, $710,000 and $723,000 for the years ended December 31, 2012, 2011, and 2010, respectively.

- 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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