Dividends and Basic Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2014

Dividends and Basic Earnings Per Common Share [Abstract]

Calculation of Basic Earnings Per Common Share

Basic earnings per share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. The following table calculates the basic earnings per share for the three and six months ended June 30, 2014 and 2013.

	Three Months				Six Months
	Ended June 30				Ended June 30,
(net income in thousands)	2014		2013		2014		2013
Net Income	$	6,104	$	5,565	$	12,386	$	11,816
Average Number of Common Shares Outstanding		777,882		777,882		777,882		777,882
Basic Earnings Per Common Share	$	7.84	$	7.15	$	15.92	$	15.19