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, 2011
Dec. 31, 2010
Interest income:    
Real estate loans $ 17,258 $ 19,759
Commercial loans 3,590 4,216
Consumer loans 45 76
Total loan interest 20,893 24,051
Securities 6,074 6,006
Other interest earning assets 19 29
Total interest income 26,986 30,086
Interest expense:    
Deposits 2,473 3,914
Repurchase agreements 106 178
Borrowed funds 652 897
Total interest expense 3,231 4,989
Net interest income 23,755 25,097
Provision for loan losses 3,510 5,570
Net interest income after provision for loan losses 20,245 19,527
Noninterest income:    
Fees and service charges 2,501 2,538
Wealth management operations 1,177 1,165
Gain on sale of securities, net 966 913
Gain/(loss) on sale of foreclosed real estate 887 (381)
Increase in cash value of bank owned life insurance 398 403
Gain on sale of loans, net 256 1,263
Other-than-temporary credit impairment of debt securities (18) (128)
Noncredit portion of other-than-temporary impairment of debt securities recognized in other comprehensive income 17 0
Other 63 17
Total noninterest income 6,247 5,790
Noninterest expense:    
Compensation and benefits 9,953 9,599
Occupancy and equipment 3,333 3,010
Data processing 1,005 941
Federal deposit insurance premiums 946 950
Marketing 403 485
Statement and check processing 329 307
Professional services 303 336
Other 3,656 3,713
Total noninterest expense 19,928 19,341
Income before income tax expenses 6,564 5,976
Income tax expenses 1,179 797
Net income $ 5,385 $ 5,179
Earnings per common share:    
Basic (in dollars per share) $ 1.90 $ 1.83
Diluted (in dollars per share) $ 1.90 $ 1.83
Dividends declared per common share (in dollars per share) $ 0.60 $ 0.72