Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Results of Operations (Unaudited) [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE–O - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following tables summarize the Corporation’s quarterly results for the years ended December 31, 2011 and 2010.

	Three Months Ended
	December 31,			September 30,		June 30,			March 31,
	(In thousands, except per share data)
2011:
Total interest income	$	8,669		$	8,886	$	9,080		$	9,602
Total interest expense		2,318			2,420		2,644			2,992
Net interest income		6,351			6,466		6,436			6,610
Provision for losses on loans		(759	)		228		1,797			1,013
Other income		1,255			1,185		1,028			3,030
General, administrative and other expenses		7,501			7,255		7,141			7,427
Earnings (loss) before income taxes (credits)		864			168		(1,474	)		1,200
Federal income taxes (credits) (1)		2			5		(11	)		548
Net earnings (loss)	$	862		$	163	$	(1,463	)	$	652
Earnings (loss) per share:
Basic	$	0.12		$	0.02	$	(0.20	)	$	0.09
Diluted	$	0.12		$	0.02	$	(0.20	)	$	0.09

(1) The first quarter federal income tax is related to the sale of securities.

	Three Months Ended
	December 31,		September 30,			June 30,			March 31,
	(In thousands, except per share data)
2010:
Total interest income	$	10,222	$	10,292		$	10,109		$	10,198
Total interest expense		3,214		3,542			3,736			3,942
Net interest income		7,008		6,750			6,373			6,256
Provision for losses on loans (2)		936		11,407			5,212			905
Other income		2,602		1,442			1,602			1,718
General, administrative and other expenses		7,604		7,811			6,975			6,942
Earnings (loss) before income taxes (credits)		1,070		(11,026	)		(4,212	)		127
Federal income taxes (credits) (1)		61		572			(113	)		(2	)
Net earnings (loss)	$	1,009	$	(11,598	)	$	(4,099	)	$	129
Earnings (loss) per share:
Basic	$	0.14	$	(1.61	)	$	(0.57	)	$	0.02
Diluted	$	0.14	$	(1.61	)	$	(0.57	)	$	0.02

(1) The change in ^3rd quarter federal income taxes is related to 100% deferred tax valuation.

(2) The second and third quarter results were affected by sizeable loan charge offs that were taken and the subsequent need to replenish the allowance for loan and lease losses through a provision of $5.2 million and $11.4 million respectively. The Credit Administration unit received information related to several larger commercial credits that resulted in partial and full write downs based on impairment and collateral dependency that was not received during the first quarter of 2010.