Statements of Cash Flows:

6 Months Ended

Jun. 30, 2013

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Statements of Cash Flows:

3. Statements of Cash Flows:

The Company has defined cash and cash equivalents as cash and due from banks. The Company paid $814,566 and $1,180,163 for the six months ended June 30, 2013 and 2012, respectively, for interest on deposits and borrowings. Income tax payments of $310,000 and $615,000 were made during the six months ended June 30, 2013 and 2012, respectively. Loans transferred to other real estate amounted to $415,959 and $1,891,673 during the six months ended June 30, 2013 and 2012, respectively. Dividends payable of $513,692 as of December 31, 2011 were paid during the first quarter of 2012.