Shareholders' Equity

9 Months Ended

Sep. 30, 2011

Shareholders Equity

Shareholders' Equity

NOTE 10:  Shareholders' Equity

Regular quarterly cash dividends of $.10 per share were declared on March 24, 2011 and June 23, 2011 for shareholders of record on April 8, 2011 and July 8, 2011, respectively, payable April 29, 2011 and July 29, 2011, respectively. On September 22, 2011, the Company increased its quarterly dividend by 10% to $.11 per share, to shareholders of record on October 12, 2011 payable October 31, 2011. Income per common share for the three and nine months ended September 30, 2011 and for the three and nine months ended September 30, 2010 were calculated as follows:

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	936,973
Basic income available to common shareholders	$	936,973		4,444,355	$	.21
Effect of dilutive options				-
Diluted income available to common shareholders	$	936,973		4,444,355	$	.21

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	2,354,377
Basic income available to  common shareholders	$	2,354,377		4,438,184	$	.53
Effect of dilutive options				-
Diluted income available to common shareholders	$	2,354,377		4,438,184	$	.53

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	821,601
Basic income available to common shareholders	$	821,601		4,424,936	$	.19
Effect of dilutive options				-
Diluted income available to common shareholders	$	821,601		4,424,936	$	.19

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	2,277,310
Basic income available to common shareholders	$	2,277,310		4,412,138	$	.52
Effect of dilutive options				-
Diluted income available to common shareholders	$	2,277,310		4,412,138	$	.52

The future payment of cash dividends is subject to the discretion of the Board of Directors and depends upon a number of factors, including future earnings, financial condition, cash requirements, and general business conditions.  Cash dividends when declared, are paid by the Bank to the Company for distribution to shareholders of the Company.  Certain regulatory requirements restrict the amount of dividends which the Bank can pay to the Company.