Premises and Equipment

12 Months Ended

Dec. 31, 2011

(6) Premises and Equipment

Premises and equipment are comprised of the following as of December 31:

	2011			2010

Land	$	7,780,167		$	7,787,667
Building		23,662,849			23,790,525
Furniture, Fixtures and Equipment		12,982,160			13,737,177
Leasehold Improvements		994,637			993,086
Construction in Progress		77,366			-

		45,497,179			46,308,455
Accumulated Depreciation		(19,746,944	)		(19,160,730	)

	$	25,750,235		$	27,147,725

Depreciation charged to operations totaled $1,790,041 in 2011, $2,140,735 in 2010 and $2,092,845 in 2009.

Certain Company facilities and equipment are leased under various operating leases. Rental expense approximated $376,000 for 2011, $377,000 for 2010 and $365,000 for 2009.

Future minimum rental payments as of December 31, 2011 are as follows:

Year Ending December 31	Amount

2012	$	126,033
2013		88,658
2014		10,139

	$	224,830

- 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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