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PREMISES & EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2012

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

Operating Lease Commitments

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

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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- 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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