PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

(5)	PREMISES AND EQUIPMENT

Premises and equipment at December 31, 2013 and 2012 are as follows:

	2013		2012
Land	$	4,803,406	$	3,553,406
Buildings		34,378,600		32,017,120
Projects in Progress		-		678,415
Equipment and furniture		34,919,986		31,428,650
Leasehold improvements		6,041,402		4,674,980
		80,143,394		72,352,571
Less accumulated depreciation and amortization		50,104,220		46,868,186
	$	30,039,174	$	25,484,385

Depreciation expense was $3,236,034, $2,946,499 and $2,861,644 for 2013, 2012 and 2011, respectively.

Operating Leases: The Corporation leases certain branch properties under operating leases. Rent Expense was $1,306,948, $1,118,348, and $1,048,920 for 2013, 2012, and 2011, respectively. Rent commitments, before considering renewal options that generally are present, were as follows:

Year	Estimated Expense
2014	$	1,664,865
2015		1,607,143
2016		1,358,618
2017		1,198,021
2018		1,156,562
2019 and thereafter		4,983,358
Total	$	11,968,567

- 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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