EXHIBIT 12

HILBURN, CALHOON, HARPER, PRUNISKI & CALHOUN, LTD.

ATTORNEYS AT LAW

ONE RIVERFRONT PLACE - EIGHTH FLOOR   NORTH LITTLE ROCK, ARKANSAS 72114      POST OFFICE BOX 5551   NORTH LITTLE ROCK, ARKANSAS 72119            TELEPHONE: (501) 372-0110   FACSIMILE: (501) 372-2029                

October 19, 2017

Board of Directors

Stone Bancshares, Inc.

802 East Main Street

Mountain View, AR 72560

Re: Offering of Stone Bancshares, Inc. Common Stock 

Ladies and Gentlemen:

At your request, we have reviewed the draft offering statement including the draft offering circular describing the proposed offer and sale of 1,000,000 shares of Stone Bancshares, Inc. common stock.  We have also reviewed the Articles of Incorporation, Bylaws, and resolutions of the Board of Directors of Stone Bancshares, Inc.  On the basis of our review, it is our opinion that the common stock as described in the offering statement, when sold, will be legally issued, fully paid and non-assessable. 

If you have any questions regarding this opinion, please do not hesitate to contact me.

Sincerely, 

John E. Pruniski, III 

JEP/bll