Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2013

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

Future minimum rental payments

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

Tabular disclosure of the useful life and salvage value of 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.

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