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 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Loans receivable        
Real estate loans $ 4,573 $ 4,196 $ 8,644 $ 8,401
Commercial loans 834 754 1,654 1,549
Consumer loans 5 5 9 11
Total loan interest 5,412 4,955 10,307 9,961
Securities 1,502 1,245 2,890 2,496
Other interest earning assets 2 7 7 13
Interest and Dividend Income, Securities, Operating, Other 1,504 1,252 2,897 2,509
Total interest income 6,916 6,207 13,204 12,470
Interest expense:        
Deposits 307 283 582 586
Repurchase agreements 17 17 32 34
Borrowed funds 130 137 256 279
Total interest expense 454 437 870 899
Net interest income 6,462 5,770 12,334 11,571
Provision for loan losses 165 95 410 230
Net interest income after provision for loan losses 6,297 5,675 11,924 11,341
Noninterest income:        
Fees and service charges 703 625 1,297 1,216
Wealth management operations 441 330 819 697
Gain on sale of securities, net 107 316 457 444
Increase in cash value of bank owned life insurance 103 88 205 175
Gain on sale of loans held-for-sale, net 141 139 216 298
Gain/ (loss) on foreclosed real estate, net (7) (18) 5 (1)
Other 72 4 88 18
Total noninterest income 1,560 1,484 3,087 2,847
Noninterest expense:        
Compensation and benefits 2,793 2,628 5,439 5,270
Occupancy and equipment 821 741 1,611 1,523
Data processing 284 232 560 472
Marketing 142 159 260 267
Federal deposit insurance premiums 127 131 218 253
Other 1,138 937 2,046 1,838
Total noninterest expense 5,305 4,828 10,134 9,623
Income before income tax expenses 2,552 2,331 4,877 4,565
Income tax expenses 603 624 1,124 1,188
Net income $ 1,949 $ 1,707 $ 3,753 $ 3,377
Earnings per common share:        
Basic (in dollars per share) $ 0.69 $ 0.60 $ 1.32 $ 1.19
Diluted (in dollars per share) $ 0.69 $ 0.60 $ 1.32 $ 1.19
Dividends declared per common share (in dollars per share) $ 0.25 $ 0.22 $ 0.47 $ 0.41