Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest income:        
Real estate loans $ 4,353 $ 4,247 $ 12,879 $ 12,949
Commercial loans 883 892 2,608 2,726
Consumer loans 7 10 25 35
Total loan interest 5,243 5,149 15,512 15,710
Securities 1,347 1,526 4,119 4,628
Other interest earning assets 1 6 13 17
Interest And Dividend Income Securities And Other 1,348 1,532 4,132 4,645
Total interest income 6,591 6,681 19,644 20,355
Interest expense:        
Deposits 385 581 1,238 1,966
Repurchase agreements 20 26 61 83
Borrowed funds 170 159 534 486
Total interest expense 575 766 1,833 2,535
Net interest income 6,016 5,915 17,811 17,820
Provision for loan losses 550 570 1,625 2,635
Net interest income after provision for loan losses 5,466 5,345 16,186 15,185
Noninterest income:        
Fees and service charges 667 644 1,915 1,865
Wealth management operations 305 293 951 877
Gain on sale of securities, net 118 183 735 683
Gain on sale of loans held-for-sale, net 319 27 665 137
Benefit from bank owned life insurance 587 0 587 0
Increase in cash value of bank owned life insurance 96 97 290 299
Gain/(loss) on foreclosed real estate, net 254 (2) 170 786
Other-than-temporary credit impairment of debt securities 0 0 (6) 0
Noncredit portion of other-than-temporary impairment of debt securities recognized in other comprehensive income 0 0 0 0
Other 20 9 79 37
Total noninterest income 2,366 1,251 5,386 4,684
Noninterest expense:        
Compensation and benefits 2,675 2,519 7,807 7,430
Occupancy and equipment 773 877 2,355 2,569
Data processing 285 246 833 747
Federal deposit insurance premiums 143 208 434 805
Marketing 75 88 234 304
Other 1,000 1,297 3,215 3,217
Total noninterest expense 4,951 5,235 14,878 15,072
Income before income tax expenses 2,881 1,361 6,694 4,797
Income tax expenses 625 231 1,464 816
Net income $ 2,256 $ 1,130 $ 5,230 $ 3,981
Earnings per common share:        
Basic (in dollars per share) $ 0.79 $ 0.40 $ 1.84 $ 1.41
Diluted (in dollars per share) $ 0.79 $ 0.40 $ 1.84 $ 1.41
Dividends declared per common share (in dollars per share) $ 0.19 $ 0.15 $ 0.53 $ 0.45