Interest income: |
Loans secured by real estate |
48.09M |
Other loans |
28K |
Mortgage-backed securities |
2K |
Investment securities |
129K |
Federal funds sold and other short-term investments |
707K |
Total interest income |
48.96M |
Interest expense: |
Deposits and escrow |
8.64M |
Borrowed funds |
4.97M |
Total interest expense |
13.61M |
Net interest income |
35.35M |
Provision for loan losses |
1.17M |
Net interest income after provision for loan losses |
34.18M |
Non-interest income: |
Total other than temporary impairment (OTTI) losses |
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes) |
Net OTTI recognized in earnings |
Service charges and other fees |
1.12M |
Net mortgage banking income |
16K |
Net gain on sales of securities and other assets |
Income from bank owned life insurance |
570K |
Other |
293K |
Total non-interest income |
2.07M |
Non-interest expense: |
Salaries and employee benefits |
8.62M |
Stock benefit plan amortization expense |
815K |
Occupancy and equipment |
3.25M |
Federal deposit insurance premiums |
613K |
Data processing costs |
1.28M |
Provision for losses on OREO |
Other |
3.65M |
Total non-interest expense |
18.23M |
Income before income taxes |
18.02M |
Income tax expense |
7.48M |
Net income |
10.54M |
Earnings per Share: |
Basic |
0.29 |
Diluted |
0.29 |
STATEMENTS OF COMPREHENSIVE INCOME |
Net Income |
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of taxes of $14 and $17 during the three months ended June 30, 2011 and 2010, respectively, and $26 and $29 during the six months ended June 30, 2011 and 2010, respectively |
Reduction in non-credit component of OTTI charge, net of taxes of $290 and $178 during the three months ended June 30, 2011 and 2010, respectively, and $566 and $303 during the six months ended June 30, 2011 and 2010, respectively |
Non-credit component of OTTI charge recognized during the period, net of tax benefits of $(5) during the three months ended June 30, 2010 and $(27) during the six months ended June 30, 2011 |
Reclassification adjustment for securities sold during the period, net of taxes of $127 during the three months ended June 30, 2010 and $384 during the six months ended June 30, 2010 |
Net unrealized securities gains arising during the period, net of taxes of $304 and $239 during the three months ended June 30, 2011 and 2010, respectively, and $37 and $479 during the six months ended June 30, 2011 and 2010, respectively |
Defined benefit plan adjustments, net of tax (benefits) expense of $(535) during the three months ended June 30, 2010, and $23 and $(560) during the six months ended June 30, 2011 and 2010, respectively |
Comprehensive Income |