Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income        
Loans, including fees $ 10,547,000 $ 11,493,000 $ 21,491,000 $ 23,161,000
Securities        
Taxable 499,000 448,000 998,000 877,000
Tax-exempt 264,000 155,000 519,000 296,000
FHLB Stock 104,000 97,000 260,000 196,000
Federal funds sold and other short-term investments 114,000 114,000 230,000 210,000
Total interest income 11,528,000 12,307,000 23,498,000 24,740,000
Interest expense        
Deposits 620,000 982,000 1,360,000 2,067,000
Other borrowings 426,000 444,000 857,000 894,000
Subordinated and long-term debt 326,000 418,000 650,000 832,000
Total interest expense 1,372,000 1,844,000 2,867,000 3,793,000
Net interest income 10,156,000 10,463,000 20,631,000 20,947,000
Provision for loan losses (1,000,000) (1,000,000) (2,000,000) (1,750,000)
Net interest income after provision for loan losses 11,156,000 11,463,000 22,631,000 22,697,000
Noninterest income        
Service charges and fees 1,065,000 1,017,000 2,056,000 1,969,000
Net gains on mortgage loans 468,000 708,000 726,000 1,533,000
Trust fees 701,000 625,000 1,332,000 1,213,000
ATM and debit card fees 1,203,000 1,132,000 2,255,000 2,109,000
Gain on sale of securities 41,000 61,000 51,000 80,000
Other 590,000 668,000 1,158,000 1,270,000
Total noninterest income 4,068,000 4,211,000 7,578,000 8,174,000
Noninterest expense        
Salaries and benefits 5,544,000 5,732,000 11,367,000 11,525,000
Occupancy of premises 932,000 905,000 1,940,000 1,851,000
Furniture and equipment 751,000 845,000 1,591,000 1,595,000
Legal and professional 238,000 183,000 443,000 373,000
Marketing and promotion 238,000 246,000 477,000 492,000
Data processing 583,000 589,000 1,172,000 1,135,000
FDIC assessment 320,000 345,000 647,000 817,000
Interchange and other card expense 265,000 361,000 537,000 652,000
Bond and D&O Insurance 163,000 183,000 327,000 368,000
Net losses on repossessed and foreclosed properties 371,000 294,000 185,000 353,000
Administration and disposition of problem assets 516,000 1,005,000 1,172,000 1,908,000
Other 1,317,000 1,187,000 2,550,000 2,387,000
Total noninterest expenses 11,238,000 11,875,000 22,408,000 23,456,000
Income before income tax 3,986,000 3,799,000 7,801,000 7,415,000
Income tax expense 1,231,000 1,196,000 2,408,000 2,338,000
Net income 2,755,000 2,603,000 5,393,000 5,077,000
Dividends declared on preferred shares 0 0 0 0
Net income available to common shares $ 2,755,000 $ 2,603,000 $ 5,393,000 $ 5,077,000
Basic earnings per common share (in dollars per share) $ 0.08 $ 0.10 $ 0.16 $ 0.19
Diluted earnings per common share (in dollars per share) $ 0.08 $ 0.10 $ 0.16 $ 0.19
Cash dividends per common share (in dollars per share) $ 0.02 $ 0 $ 0.04 $ 0