EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 3:  EARNINGS PER SHARE

Basic earnings per share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.  Net income available to common shareholders is net income less the total of preferred dividends declared and the amortization of the preferred stock discount value under the CPP program during 2011.  Diluted earnings per share include the potential dilutive effect that could occur upon the assumed exercise of issued stock options and the warrants issued to the U.S. Treasury using the treasury stock method.  Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants.

The following table sets forth the calculation of basic and diluted earnings per share:

	Years Ended
	December 31,
(In thousands, except per share data)	2012		2011
Basic Earnings Per Common Share
Net income available to common shareholders	$	2,199	$	1,320
Weighted average common shares outstanding		2,504		2,490
Basic earnings per common share	$	0.88	$	0.53
Diluted Earnings Per Common Share
Net income available to common shareholders	$	2,199	$	1,320
Weighted average common shares outstanding		2,504		2,490
Effect of assumed exercise of stock options		8		3
Effect of assumed exercise of stock warrants		4		43
Diluted weighted average common shares outstanding		2,516		2,536
Diluted earnings per common share	$	0.87	$	0.52