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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest income:        
Real estate loans $ 4,196 $ 4,276 $ 8,401 $ 8,526
Commercial loans 754 876 1,549 1,726
Consumer loans 5 9 11 18
Total loan interest 4,955 5,161 9,961 10,270
Securities 1,245 1,386 2,496 2,772
Other interest earning assets 7 7 13 11
Interest and Dividend Income Securities and Other 1,252 1,393 2,509 2,783
Total interest income 6,207 6,554 12,470 13,053
Interest expense:        
Deposits 283 410 586 854
Repurchase agreements 17 21 34 41
Borrowed funds 137 183 279 364
Total interest expense 437 614 899 1,259
Net interest income 5,770 5,940 11,571 11,794
Provision for loan losses 95 550 230 1,075
Net interest income after provision for loan losses 5,675 5,390 11,341 10,719
Noninterest income:        
Fees and service charges 625 610 1,216 1,248
Wealth management operations 330 314 697 646
Gain on sale of securities, net 316 251 444 617
Gain on sale of loans held-for-sale, net 139 272 298 347
Increase in cash value of bank owned life insurance 88 97 175 194
Loss on foreclosed real estate, net (18) (120) (1) (84)
Other-than-temporary credit impairment of debt securities 0 (6) 0 (6)
Noncredit portion of other-than-temporary impairment of debt securities recognized in other comprehensive income 0 0 0 0
Other 4 5 18 58
Total noninterest income 1,484 1,423 2,847 3,020
Noninterest expense:        
Compensation and benefits 2,628 2,507 5,270 5,132
Occupancy and equipment 741 763 1,523 1,582
Data processing 232 277 472 548
Marketing 159 83 267 158
Federal deposit insurance premiums 131 147 253 291
Other 937 928 1,838 2,216
Total noninterest expense 4,828 4,705 9,623 9,927
Income before income tax expenses 2,331 2,108 4,565 3,812
Income tax expenses 624 488 1,188 838
Net income $ 1,707 $ 1,620 $ 3,377 $ 2,974
Earnings per common share:        
Basic (in dollars per share) $ 0.60 $ 0.57 $ 1.19 $ 1.05
Diluted (in dollars per share) $ 0.60 $ 0.57 $ 1.19 $ 1.05
Dividends declared per common share (in dollars per share) $ 0.22 $ 0.19 $ 0.41 $ 0.34