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, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income:        
Real estate loans $ 4,276 $ 4,317 $ 8,526 $ 8,703
Commercial loans 876 874 1,726 1,833
Consumer loans 9 11 18 25
Total loan interest 5,161 5,202 10,270 10,561
Securities 1,386 1,581 2,772 3,101
Other interest earning assets 7 5 11 12
Total interest income 6,554 6,788 13,053 13,674
Interest expense:        
Deposits 410 674 854 1,385
Repurchase agreements 21 29 41 57
Borrowed funds 183 153 364 327
Total interest expense 614 856 1,259 1,769
Net interest income 5,940 5,932 11,794 11,905
Provision for loan losses 550 955 1,075 2,065
Net interest income after provision for loan losses 5,390 4,977 10,719 9,840
Noninterest income:        
Fees and service charges 610 637 1,248 1,221
Wealth management operations 314 310 646 584
Gain on sale of securities, net 251 237 617 500
Gain on sale of loans held-for-sale, net 272 29 347 110
Increase in cash value of bank owned life insurance 97 101 194 202
(Loss)/Gain on foreclosed real estate, net (120) 728 (84) 788
Other-than-temporary credit impairment of debt securities (6) 0 (6) 0
Noncredit portion of other-than-tmporary impairment of debt securities recognized in other comprehensive income 0 0 0 0
Other 5 8 58 28
Total noninterest income 1,423 2,050 3,020 3,433
Noninterest expense:        
Compensation and benefits 2,507 2,546 5,132 4,911
Occupancy and equipment 763 844 1,582 1,691
Data processing 277 249 548 501
Federal deposit insurance premiums 147 265 291 596
Marketing 83 75 158 216
Other 928 957 2,216 1,922
Total noninterest expense 4,705 4,936 9,927 9,837
Income before income tax expenses 2,108 2,091 3,812 3,436
Income tax expenses 488 412 838 585
Net income $ 1,620 $ 1,679 $ 2,974 $ 2,851
Earnings per common share:        
Basic (in dollars per share) $ 0.57 $ 0.59 $ 1.05 $ 1.01
Diluted (in dollars per share) $ 0.57 $ 0.59 $ 1.05 $ 1.01
Dividends declared per common share (in dollars per share) $ 0.19 $ 0.15 $ 0.34 $ 0.30