Shareholders' Equity

6 Months Ended

Jun. 30, 2012

Shareholders Equity

Shareholders' Equity

NOTE 9:  Shareholders' Equity

Quarterly cash dividends of $.11 per share were declared on March 22, and June 28, 2012 for shareholders of record on April 6, and July 13, 2012, respectively.  The dividends were payable April 30, and July 31, 2012, respectively. Income per common share for the three and six months ended June 30, 2012 and for the three and six months ended June 30, 2011 was calculated as follows:

	FOR THE THREE MONTHS ENDED JUNE 30, 2012
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	890,267
Basic income available to common shareholders	$	890,267		4,445,520	$	.20
Effect of dilutive options				-
Diluted income available to common shareholders	$	890,267		4,445,520	$	.20

	FOR THE SIX MONTHS ENDED JUNE 30, 2012
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	1,780,993
Basic income available to common shareholders	$	1,780,993		4,445,232	$	.40
Effect of dilutive options				-
Diluted income available to common shareholders	$	1,780,993		4,445,232	$	.40

	FOR THE THREE MONTHS ENDED JUNE 30, 2011
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	768,025
Basic income available to common shareholders	$	768,025		4,460,218	$	.17
Effect of dilutive options				-
Diluted income available to common shareholders	$	768,025		4,460,218	$	.17

	FOR THE SIX MONTHS ENDED JUNE 30, 2011
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	1,417,393
Basic income available to common shareholders	$	1,417,393		4,454,969	$	.32
Effect of dilutive options				-
Diluted income available to common shareholders	$	1,417,393		4,454,969	$	.32

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.