SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

Summary Of Significant Accounting Policies Tables

Schedule of the range of estimated useful lives for premises and equipment

The range of estimated useful lives for premises and equipment is as follows:

Buildings and improvements	5-40 years
Furniture and equipment	3-10 years

Summary of transactions in other real estate owned

Transactions in other real estate owned for the years ended December 31, 2014 and 2013 are summarized below:

	Years Ended December 31,
	2014			2013
Balance—beginning of year	$	7,404,437		$	8,194,955
Additions		1,200,627			3,901,588
Sales		(3,410,784	)		(4,076,267	)
Write downs		(526,128	)		(615,839	)
Balance—end of year	$	4,668,152		$	7,404,437

Schedule of intangible assets

The following table presents information about our intangible assets:

	December 31, 2014				December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Unamortized intangible asset:
Goodwill	$	362,139	$	—	$	362,139	$	—
Amortized intangible asset:
Core deposit intangibles	$	3,303,427	$	2,713,529	$	3,303,427	$	2,241,611

Schedule of aggregate amortization expense

The following table presents information about aggregate amortization expense for each of the three succeeding fiscal years as follows: 

	For the Years Ended December 31,
	2014		2013		2012
Aggregate amortization expense of core deposit intangibles	$	471,918	$	471,918	$	471,918
Estimated aggregate amortization expense of core deposit intangibles for the year ending December 31:
2015	$	471,918
2016	$	117,980
2017 and thereafter	$	—