Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Interest income:    
Real estate loans $ 17,168 $ 17,258
Commercial loans 3,466 3,590
Consumer loans 31 45
Total loan interest 20,665 20,893
Securities 5,387 6,074
Other interest earning assets 23 19
Total interest income 26,075 26,986
Interest expense:    
Deposits 1,575 2,473
Repurchase agreements 79 106
Borrowed funds 694 652
Total interest expense 2,348 3,231
Net interest income 23,727 23,755
Provision for loan losses 2,350 3,510
Net interest income after provision for loan losses 21,377 20,245
Noninterest income:    
Fees and service charges 2,677 2,501
Wealth management operations 1,264 1,177
Gain on sale of securities, net 1,120 966
Gain on sale of loans, net 987 256
Benefit from bank owned life insurance 587 0
Gain on sale of foreclosed real estate 430 887
Increase in cash value of bank owned life insurance 381 398
Other-than-temporary credit impairment of debt securities (6) (18)
Noncredit portion of other-than-temporary impairment of debt securities recognized in other comprehensive income 0 17
Other 96 63
Total noninterest income 7,536 6,247
Noninterest expense:    
Compensation and benefits 10,783 9,953
Occupancy and equipment 3,064 3,333
Data processing 1,073 1,005
Federal deposit insurance premiums 571 946
Marketing 380 403
Statement and check processing 317 329
Professional services 279 429
Other 3,652 3,530
Total noninterest expense 20,119 19,928
Income before income tax expenses 8,794 6,564
Income tax expenses 1,941 1,179
Net income $ 6,853 $ 5,385
Earnings per common share:    
Basic (in dollars per share) $ 2.41 $ 1.90
Diluted (in dollars per share) $ 2.41 $ 1.90
Dividends declared per common share (in dollars per share) $ 0.72 $ 0.60