PREMISES & EQUIPMENT

12 Months Ended

Dec. 31, 2012

(5)	PREMISES & EQUIPMENT

Premises and equipment at December 31, 2012 and 2011 are as follows:

	2012		2011
Land	$	3,553,406	$	3,553,406
Buildings		32,017,120		31,007,830
Projects in Progress		678,415		-
Equipment and furniture		31,428,650		29,950,767
Leasehold improvements		4,674,980		4,175,024
		72,352,571		68,687,027
Less accumulated depreciation and amortization		46,868,186		43,924,622
	$	25,484,385	$	24,762,405

Depreciation expense was $2,946,499, $2,861,644 and $2,778,065 for 2012, 2011 and 2010, respectively.

Operating Leases: The Corporation leases certain branch properties under operating leases. Rent Expense was

$1,118,348, $1,048,920, and $683,561 for 2012, 2011, and 2010, respectively. Rent commitments, before considering renewal options that generally are present, were as follows:

Year	Estimated Expense
2013	$	1,024,668
2014		1,004,662
2015		978,681
2016		984,337
2017		829,817
2018 and thereafter		4,728,682
Total	$	9,550,847

- 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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