v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Mar. 31, 2011
Interest income        
Loans, including fees $ 2,540 $ 2,517 $ 7,637 $ 7,690
Securities, taxable 445 391 1,400 1,189
Securities, tax-exempt 267 227 761 658
Federal funds sold and other interest bearing deposits 12 15 42 38
Total interest income 3,264 3,150 9,840 9,575
Interest expense        
Deposits 289 373 924 1,270
Short-term borrowings 5 9 23 33
Federal Home Loan Bank advances 51 60 180 195
Total interest expense 345 442 1,127 1,498
Net interest income 2,919 2,708 8,713 8,077
Provision for loan losses 11 100 170 344
Net interest income after provision for loan losses 2,908 2,608 8,543 7,733
Non-interest income        
Service charges on deposit accounts 338 301 1,061 963
Debit card interchange income 187 160 545 467
Bank owned life insurance income 48 47 148 136
Securities gains (losses), net (37) 0 118 70
Other-than-temporary loss        
Total impairment loss 0 (327) 0 (358)
Loss recognized in other comprehensive income 0 177 0 158
Net impairment loss recognized in earnings 0 (150) 0 (200)
Gain (loss) on sale of other real estate owned 0 0 (53) 2
Other 49 44 135 152
Total non-interest income 585 402 1,954 1,590
Non-interest expenses        
Salaries and employee benefits 1,421 1,234 4,060 3,598
Occupancy and equipment 268 263 784 774
Data processing expenses 143 137 422 413
Professional and director fees 80 80 271 265
FDIC Assessments 48 77 147 233
Franchise taxes 69 61 198 178
Marketing and advertising 81 71 210 161
Telephone and network communications 60 57 176 167
Debit card processing expenses 97 84 284 252
Amortization of intangible 8 40 89 121
Other 336 315 1,032 999
Total non-interest expenses 2,611 2,419 7,673 7,161
Income before income taxes 882 591 2,824 2,162
Income tax expense 196 109 660 473
Net Income $ 686 $ 482 $ 2,164 $ 1,689
Average common shares - basic (in shares) 2,051,024 2,044,179 2,050,390 2,041,402
Average common shares - diluted (in shares) 2,051,558 2,044,179 2,050,835 2,041,402
Basic and diluted earnings per share (in dollars per share) $ 0.33 $ 0.24 $ 1.06 $ 0.83