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
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income:        
Real estate loans $ 4,317 $ 5,083 $ 8,703 $ 10,238
Commercial loans 874 1,121 1,833 2,153
Consumer loans 11 20 25 45
Total loan interest 5,202 6,224 10,561 12,436
Securities. 1,581 1,564 3,101 3,094
Other interest earning assets 5 7 12 13
Total interest income 6,788 7,795 13,674 15,543
Interest expense:        
Deposits 674 1,055 1,385 2,255
Repurchase agreements 29 48 57 100
Borrowed funds 153 234 327 504
Total interest expense 856 1,337 1,769 2,859
Net interest income 5,932 6,458 11,905 12,684
Provision for loan losses 955 1,270 2,065 2,505
Net interest income after provision for loan losses 4,977 5,188 9,840 10,179
Noninterest income:        
Fees and service charges 637 635 1,221 1,244
Gain on foreclosed real estate, net 728 44 788 65
Wealth management operations 310 253 584 534
Gain on sale of securities, net 237 452 500 742
Increase in cash value of bank owned life insurance 101 104 202 205
Gain on sale of loans held-for-sale, net 29 163 110 272
Other-than-temporary impairment of securities 0 0 0 (11)
Portion of loss recognized in other comprehensive income 0 0 0 (102)
Other 8 4 28 8
Total noninterest income 2,050 1,655 3,433 2,957
Noninterest expense:        
Compensation and benefits 2,546 2,458 4,911 4,867
Occupancy and equipment 844 808 1,691 1,593
Federal deposit insurance premiums 265 265 596 496
Data processing 249 231 501 463
Marketing 75 114 216 239
Other 957 1,005 1,922 1,899
Total noninterest expense 4,936 4,881 9,837 9,557
Income before income tax expenses 2,091 1,962 3,436 3,579
Income tax expenses 412 346 585 574
Net income $ 1,679 $ 1,616 $ 2,851 $ 3,005
Earnings per common share:        
Basic (in dollars per share) $ 0.59 $ 0.57 $ 1.01 $ 1.06
Diluted (in dollars per share) $ 0.59 $ 0.57 $ 1.01 $ 1.06
Dividends declared per common share (in dollars per share) $ 0.15 $ 0.21 $ 0.30 $ 0.42