PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

NOTE F - PREMISES AND EQUIPMENT

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

	2011		2010

Premises:
Land	$	7,226,252	$	4,970,959
Buildings and improvements		15,729,044		9,881,906
Equipment		6,344,642		4,504,541
Construction in progress		227,414		1,329,262
		29,527,352		20,686,668
Less accumulated depreciation and amortization		6,536,911		5,692,742
	$	22,990,441	$	14,993,926

The amounts charged to operating expense for depreciation were $858,342 and $655,608 in 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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