Premises and Equipment

12 Months Ended

Dec. 31, 2013

(6)	Premises and Equipment

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

	2013			2012

Land	$	7,790,167		$	7,780,167
Building		23,832,454			23,758,761
Furniture, Fixtures and Equipment		13,846,579			12,923,699
Leasehold Improvements		970,346			948,260
Construction in Progress		236,591			-

		46,676,137			45,410,887
Accumulated Depreciation		(21,799,668	)		(20,494,781	)

	$	24,876,469		$	24,916,106

Depreciation charged to operations totaled $1,527,392 in 2013, $1,676,820 in 2012 and $1,790,041 in 2011.

Certain Company facilities and equipment are leased under various operating leases. Rental expense approximated $490,000 for 2013, $447,000 for 2012 and $376,000 for 2011.

Future minimum rental payments as of December 31, 2013 are as follows:

Year Ending December 31	Amount

2014	$	53,458
2015		42,000
2016		42,000
2017		38,500

	$	175,958

- 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.

+ References+ Details