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, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Loans receivable        
Real estate loans $ 4,686 $ 5,370 $ 13,330 $ 13,771
Commercial loans 828 767 2,482 2,316
Consumer loans 6 4 15 15
Total loan interest 5,520 6,141 15,827 16,102
Securities 1,509 1,355 4,399 3,851
Other interest earning assets 13 20 20 33
Interest and Dividend Income, Securities, Operating, Other 1,522 1,375 4,419 3,884
Total interest income 7,042 7,516 20,246 19,986
Interest expense:        
Deposits 332 282 914 868
Repurchase agreements 17 17 49 51
Borrowed funds 122 120 378 399
Total interest expense 471 419 1,341 1,318
Net interest income 6,571 7,097 18,905 18,668
Provision for loan losses 165 150 575 380
Net interest income after provision for loan losses 6,406 6,947 18,330 18,288
Noninterest income:        
Fees and service charges 734 681 2,031 1,897
Wealth management operations 375 356 1,194 1,053
Gain on sale of securities, net 63 96 520 540
Gain on sale of loans held-for-sale, net 178 42 383 340
Increase in cash value of bank owned life insurance 94 94 310 269
Gain on foreclosed real estate, net 16 18 21 17
Other 11 1 99 19
Total noninterest income 1,471 1,288 4,558 4,135
Noninterest expense:        
Compensation and benefits 2,980 2,628 8,419 7,898
Occupancy and equipment 865 809 2,476 2,332
Data processing 291 282 851 754
Marketing 108 116 368 383
Federal deposit insurance premiums 128 126 346 379
Other 1,000 1,074 3,046 2,912
Total noninterest expense 5,372 5,035 15,506 14,658
Income before income tax expenses 2,505 3,200 7,382 7,765
Income tax expenses 592 823 1,716 2,011
Net income $ 1,913 $ 2,377 $ 5,666 $ 5,754
Earnings per common share:        
Basic (in dollars per share) $ 0.67 $ 0.84 $ 1.99 $ 2.02
Diluted (in dollars per share) $ 0.67 $ 0.84 $ 1.99 $ 2.02
Dividends declared per common share (in dollars per share) $ 0.25 $ 0.22 $ 0.72 $ 0.63