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
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest income:        
Real estate loans $ 4,247 $ 4,866 $ 12,949 $ 15,104
Commercial loans 892 1,051 2,726 3,204
Consumer loans 10 16 35 60
Total loan interest 5,149 5,933 15,710 18,368
Securities 1,526 1,455 4,628 4,549
Other interest earning assets 6 7 17 21
Total interest income 6,681 7,395 20,355 22,938
Interest expense:        
Deposits 581 880 1,966 3,135
Repurchase agreements 26 46 83 145
Borrowed funds 159 210 486 714
Total interest expense 766 1,136 2,535 3,994
Net interest income 5,915 6,259 17,820 18,944
Provision for loan losses 570 1,615 2,635 4,120
Net interest income after provision for loan losses 5,345 4,644 15,185 14,824
Noninterest income:        
Fees and service charges 644 652 1,865 1,896
Wealth management operations 293 353 877 887
Gain/(loss) on foreclosed real estate, net (2) (266) 786 (201)
Gain on sale of securities, net 183 111 683 853
Increase in cash value of bank owned life insurance 97 102 299 306
Gain on sale of loans held-for-sale, net 27 335 137 607
Other-than-temporary impairment of securities 0 65 0 (29)
Net credit portion of gain/(loss) recognized in other comprehensive income 0 (80) 0 (99)
Other 9 3 37 12
Total noninterest income 1,251 1,275 4,684 4,232
Noninterest expense:        
Compensation and benefits 2,519 2,426 7,430 7,293
Occupancy and equipment 877 794 2,569 2,386
Federal deposit insurance premiums 208 231 805 727
Data processing 246 236 747 700
Marketing 88 90 304 329
Other 1,297 1,007 3,217 2,906
Total noninterest expense 5,235 4,784 15,072 14,341
Income before income tax expenses 1,361 1,135 4,797 4,715
Income tax expenses 231 94 816 669
Net income $ 1,130 $ 1,041 $ 3,981 $ 4,046
Earnings per common share:        
Basic (in dollars per share) $ 0.40 $ 0.37 $ 1.41 $ 1.43
Diluted (in dollars per share) $ 0.40 $ 0.37 $ 1.41 $ 1.43
Dividends declared per common share (in dollars per share) $ 0.15 $ 0.15 $ 0.45 $ 0.57