PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

NOTE 8 - PREMISES AND EQUIPMENT

A summary of the cost and accumulated depreciation of premises and equipment at December 31, 2011 and 2010 follows:

	2011		2010

Land	$	4,916,251	$	3,515,200
Building and improvements		13,424,230		11,092,569
Furniture and equipment		5,820,318		4,435,489
Automobiles		245,363		223,326
Total cost		24,406,162		19,266,584
Less accumulated depreciation		7,965,260		7,134,443
Premises and equipment, net	$	16,440,902	$	12,132,141

Certain Bank facilities are leased under various operating leases. Rent expense was $488,154 and $468,320 in 2011 and 2010, respectively. Future minimum rental commitments under non-cancellable operating leases are as follows:

2012	$	498,312
2013		503,825
2014		509,463
2015		515,229
2016		529,927
Thereafter		3,663,813

Total	$	6,220,569

- 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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