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, 2013
Dec. 31, 2012
Interest income:    
Real estate loans $ 17,772 $ 17,168
Commercial loans 3,101 3,466
Consumer loans 18 31
Total loan interest 20,891 20,665
Securities 5,225 5,387
Other interest earning assets 41 23
Total interest income 26,157 26,075
Interest expense:    
Deposits 1,143 1,575
Repurchase agreements 69 79
Borrowed funds 518 694
Total interest expense 1,730 2,348
Net interest income 24,427 23,727
Provision for loan losses 450 2,350
Net interest income after provision for loan losses 23,977 21,377
Noninterest income:    
Fees and service charges 2,537 2,677
Wealth management operations 1,397 1,264
Gain on sale of securities, net 630 1,120
Increase in cash value of bank owned life insurance 380 381
Gain on sale of loans held-for-sale, net 379 987
Gain on sale of foreclosed real estate 17 430
Benefit from bank owned life insurance 0 587
Other-than-temporary credit impairment of debt securities 0 (6)
Noncredit portion of other-than-temporary credit impairment of debt securities recognized in other comprehensive income 0 0
Other 19 96
Total noninterest income 5,359 7,536
Noninterest expense:    
Compensation and benefits 10,599 10,783
Occupancy and equipment 3,120 3,064
Data processing 1,021 1,073
Marketing 509 380
Federal deposit insurance premiums 503 571
Statement and check processing 310 317
Professional services 288 279
Other 3,471 3,652
Total noninterest expense 19,821 20,119
Income before income tax expenses 9,515 8,794
Income tax expenses 2,397 1,941
Net income $ 7,118 $ 6,853
Earnings per common share:    
Basic (in dollars per share) $ 2.50 $ 2.41
Diluted (in dollars per share) $ 2.50 $ 2.41
Dividends declared per common share (in dollars per share) $ 0.85 $ 0.72