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PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2013

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

Operating lease commitments

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

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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