PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5 - PREMISES AND EQUIPMENT

Period end premises and equipment were as follows at December 31:

	2013		2012
Land & land improvements	$	4,700,464	$	4,700,464
Buildings & building improvements		6,201,507		6,132,163
Furniture, fixtures and equipment		3,864,940		3,800,460
		14,766,911		14,633,087
Less: accumulated depreciation		5,621,444		5,212,201
	$	9,145,467	$	9,420,886

During 2013, there was a gain of $1,000 on the sale of premises and equipment. During 2012, the Company recorded a $220,889 gain on sale of premises and equipment. In addition to $2,500 received for fully depreciated bank equipment, land with a carrying value of $790,135 was sold resulting in a gain of $218,389.

Depreciation expense was $408,990 for 2013 and $397,832 for 2012.

- 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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