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DEPOSITS

12 Months Ended

Dec. 31, 2011

(7) DEPOSITS

A summary of deposits at December 31, 2011 and 2010 is as follows:

	2011		2010
Non-interest-bearing demand deposits	$	258,835,961	$	197,322,036
Interest-bearing demand deposits		74,348,490		49,367,215
Insured money market accounts		178,030,028		149,167,378
Savings deposits		210,287,906		136,698,242
Time deposits		276,990,454		253,803,981
	$	998,492,839	$	786,358,852

Time deposits include certificates of deposit in denominations of $100,000 or more aggregating $105,466,950 and $81,942,117 at December 31, 2011 and 2010, respectively. Interest expense on such certificates was $1,799,472, $1,698,576 and $2,349,396 for 2011, 2010 and 2009, respectively.

Scheduled maturities of time deposits at December 31, 2011, are summarized as follows:

Year
2012	$	200,235,970
2013		48,523,228
2014		16,684,820
2015		7,535,738
2016		3,924,143
2017 and thereafter		86,555
	$	276,990,454

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

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