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, 2012
Mar. 31, 2011
Interest income:    
Real estate loans $ 4,250 $ 4,386
Commercial loans 850 960
Consumer loans 9 13
Total loan interest 5,109 5,359
Securities 1,386 1,520
Other interest earning assets 4 7
Total interest income 6,499 6,886
Interest expense:    
Deposits 444 712
Repurchase agreements 20 28
Borrowed funds 181 173
Total interest expense 645 913
Net interest income 5,854 5,973
Provision for loan losses 525 1,110
Net interest income after provision for loan losses 5,329 4,863
Noninterest income:    
Fees and service charges 638 585
Gain on sale of securities, net 366 263
Wealth management operations 332 274
Increase in cash value of bank owned life insurance 97 101
Gain on sale of loans held-for-sale, net 75 81
Gain on foreclosed real estate, net 36 59
Other 53 20
Total noninterest income 1,597 1,383
Noninterest expense:    
Compensation and benefits 2,625 2,365
Occupancy and equipment 819 848
Data processing 271 252
Federal deposit insurance premiums 144 373
Marketing 75 141
Other 1,288 922
Total noninterest expense 5,222 4,901
Income before income tax expenses 1,704 1,345
Income tax expenses 350 173
Net income $ 1,354 $ 1,172
Earnings per common share:    
Basic (in dollars per share) $ 0.48 $ 0.41
Diluted (in dollars per share) $ 0.48 $ 0.41
Dividends declared per common share (in dollars per share) $ 0.15 $ 0.15