PREMISES AND EQUIPMENT

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6.	PREMISES AND EQUIPMENT

Period end premises and equipment were as follows:

	September 30,		December 31,
	2012		2011
Land & land improvements	$	4,700,464	$	5,466,281
Buildings & building improvements		6,132,163		6,132,163
Furniture, fixtures and equipment		3,681,462		3,679,037
Construction in process		113,980		0
		14,628,069		15,277,481
Less: accumulated depreciation		5,158,971		4,872,616
	$	9,469,098	$	10,404,865

During the second quarter of 2012, the Company sold land with a carrying value of $790,135 resulting in a gain on sale of $208,389.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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