PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

NOTE 4: PREMISES AND EQUIPMENT

Major classifications of premises and equipment, stated at cost, are as follows:

	December 31,			December 31,
	2011			2010
Land	$	2,250,789		$	2,250,789
Buildings and improvements		11,860,040			11,503,087
Automobile		16,479			16,479
Furniture, fixtures and equipment		8,343,157			7,883,750
Leasehold improvements		271,799			271,799
		22,742,264			21,925,904
Less accumulated depreciation		(11,318,442	)		(10,601,219	)
Net premises and equipment	$	11,423,822		$	11,324,685

Depreciation expense was $717,222, $826,440 and $965,504 for the years ended December 31, 2011, 2010, and 2009, 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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