PREMISES AND EQUIPMENT

9 Months Ended

Sep. 30, 2013

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,
	2013		2012
Land & land improvements	$	4,700,464	$	4,700,464
Buildings & building improvements		6,148,829		6,132,163
Furniture, fixtures and equipment		3,839,270		3,800,460
		14,688,563		14,633,087
Less: accumulated depreciation		5,520,211		5,212,201
	$	9,168,352	$	9,420,886

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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