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Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2012

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, 2012 and 2011.


	Three Months Ended
	December 31,			September 30,			June 30,			March 31,
	(In thousands, except per share data)
2012:
Total interest income	$	7,509		$	7,765		$	7,936		$	8,413
Total interest expense		1,705			1,780			2,023			2,224

Net interest income		5,804			5,985			5,913			6,189
Provision for losses on loans		(1,455	)		457			137			1,005
Other income		2,489			1,851			1,679			1,980
General, administrative and other expenses		6,944			6,948			7,035			6,714

Earnings before income taxes		2,804			431			420			450
Federal income taxes (credits) ⁽¹⁾		20			(53	)		(62	)		37

Net earnings	$	2,784		$	484		$	482		$	413

Earnings per share: ⁽²⁾
Basic	$	0.27		$	0.07		$	0.06		$	0.06

Diluted	$	0.27		$	0.07		$	0.06		$	0.06

₍₁₎	The quarterly federal income taxes are related to 100% deferred tax valuation.

₍₂₎	The quarterly earnings per share does not calculate to year to date due to the additional shares in November related to the rights offering that heavily weighted the fourth quarter.


	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.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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