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, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income:        
Real estate loans $ 5,370 $ 4,353 $ 13,771 $ 12,879
Commercial loans 767 883 2,316 2,608
Consumer loans 4 7 15 25
Total loan interest 6,141 5,243 16,102 15,512
Securities 1,355 1,347 3,851 4,119
Other interest earning assets 20 1 33 13
Interest and Dividend Income Securities and Other 1,375 1,348 3,884 4,132
Total interest income 7,516 6,591 19,986 19,644
Interest expense:        
Deposits 282 385 868 1,238
Repurchase agreements 17 20 51 61
Borrowed funds 120 170 399 534
Total interest expense 419 575 1,318 1,833
Net interest income 7,097 6,016 18,668 17,811
Provision for loan losses 150 550 380 1,625
Net interest income after provision for loan losses 6,947 5,466 18,288 16,186
Noninterest income:        
Fees and service charges 681 667 1,897 1,915
Wealth management operations 356 305 1,053 951
Gain on sale of securities, net 96 118 540 735
Gain on sale of loans held-for-sale, net 42 319 340 665
Benefit from bank owned life insurance 0 587 0 587
Increase in cash value of bank owned life insurance 94 96 269 290
Gain on foreclosed real estate, net 18 254 17 170
Other-than-temporary credit impairment of debt securities 0 0 0 (6)
Noncredit portion of other-than-temporary impairment of debt securities recognized in other comprehensive income 0 0 0 0
Other 1 20 19 79
Total noninterest income 1,288 2,366 4,135 5,386
Noninterest expense:        
Compensation and benefits 2,628 2,675 7,898 7,807
Occupancy and equipment 809 773 2,332 2,355
Data processing 282 285 754 833
Marketing 116 75 383 234
Federal deposit insurance premiums 126 143 379 434
Other 1,074 1,000 2,912 3,215
Total noninterest expense 5,035 4,951 14,658 14,878
Income before income tax expenses 3,200 2,881 7,765 6,694
Income tax expenses 823 625 2,011 1,464
Net income $ 2,377 $ 2,256 $ 5,754 $ 5,230
Earnings per common share:        
Basic (in dollars per share) $ 0.84 $ 0.79 $ 2.02 $ 1.84
Diluted (in dollars per share) $ 0.84 $ 0.79 $ 2.02 $ 1.84
Dividends declared per common share (in dollars per share) $ 0.22 $ 0.19 $ 0.63 $ 0.53