INTANGIBLES

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

INTANGIBLES

NOTE 23    INTANGIBLES:

Core deposit intangible costs recognized from the acquisition of the Woodstock and Edinburg branches are being amortized using the straight-line method over a ten-year period. The core deposit intangibles and goodwill totaled $2,833,476 and $2,638,677, respectively at the acquisition date. The core deposit intangible was fully amortized in 2011 with amortization expense of $46,000.  Amortization expense for the years ending December 31, 2010 and 2009 was $276,000 in each year.