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Statement of Earnings (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income:        
Loans, including fees $ 5,371 $ 5,492 $ 10,658 $ 10,925
Securities 2,613 2,959 5,151 6,178
Federal funds sold and interest bearing bank deposits 14 10 23 17
Total interest income 7,998 8,461 15,832 17,120
Interest expense:        
Deposits 2,092 2,615 4,262 5,255
Short-term borrowings 3 3 6 14
Long-term debt interest expense 846 1,155 1,693 2,332
Total interest expense 2,941 3,773 5,961 7,601
Net interest income 5,057 4,688 9,871 9,519
Provision for loan losses 600 750 1,200 2,200
Net interest income after provision for loan losses 4,457 3,938 8,671 7,319
Noninterest income:        
Service charges on deposit accounts 290 334 581 648
Mortgage lending 439 625 879 1,107
Bank-owned life insurance gain or loss 107 106 214 232
Affordable housing investment losses (230) (57) (230) (114)
Other noninterest income 355 353 708 734
Securities gains, net:        
Realized gains, net 445 1,431 450 2,531
Total other-than-temporary impairments (51) (20) (312) (260)
Non-credit portion of other-than-temporary impairments recognized in other comprehensive income 0 20 210 210
Total securities gains, net 394 1,431 348 2,481
Total noninterest income 1,355 2,792 2,500 5,088
Noninterest expense:        
Salaries and benefits 2,068 1,939 4,054 3,844
Net occupancy and equipment 328 364 674 748
Professional fees 189 191 360 367
FDIC and other regulatory assessments 199 286 481 562
Other real estate owned, net 718 911 701 972
Prepayment penalty on long-term debt 0 298 0 298
Other noninterest expense 861 820 1,743 1,654
Total noninterest expense 4,363 4,809 8,013 8,445
Earnings before income taxes 1,449 1,921 3,158 3,962
Income tax (benefit) expense (8) 314 152 738
Net earnings $ 1,457 $ 1,607 $ 3,006 $ 3,224
Earnings per share basic and diluted $ 0.40 $ 0.44 $ 0.83 $ 0.88
Basic and diluted weighted average shares outstanding 3,642,738 3,642,877 3,642,733 3,642,996