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
Mar. 31, 2014
Mar. 31, 2013
Loans receivable    
Real estate loans $ 4,071 $ 4,205
Commercial loans 820 795
Consumer loans 4 6
Total loan interest 4,895 5,006
Securities 1,388 1,251
Other interest earning assets 5 6
Interest and Dividend Income, Securities, Operating, Other 1,393 1,257
Total interest income 6,288 6,263
Interest expense:    
Deposits 275 303
Repurchase agreements 15 17
Borrowed funds 126 142
Total interest expense 416 462
Net interest income 5,872 5,801
Provision for loan losses 245 135
Net interest income after provision for loan losses 5,627 5,666
Noninterest income:    
Fees and service charges 594 591
Wealth management operations 378 367
Gain on sale of securities, net 350 128
Increase in cash value of bank owned life insurance 102 87
Gain on sale of loans held-for-sale, net 75 159
Gain on foreclosed real estate, net 12 17
Other 16 14
Total noninterest income 1,527 1,363
Noninterest expense:    
Compensation and benefits 2,646 2,642
Occupancy and equipment 790 782
Data processing 276 240
Marketing 118 108
Federal deposit insurance premiums 91 122
Other 908 901
Total noninterest expense 4,829 4,795
Income before income tax expenses 2,325 2,234
Income tax expenses 521 564
Net income $ 1,804 $ 1,670
Earnings per common share:    
Basic (in dollars per share) $ 0.63 $ 0.59
Diluted (in dollars per share) $ 0.63 $ 0.59
Dividends declared per common share (in dollars per share) $ 0.22 $ 0.19