Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.6.0.2
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Loans receivable    
Real estate loans $ 22,474 $ 19,766
Commercial loans 3,772 3,419
Consumer loans 24 19
Total loan interest 26,270 23,204
Securities 6,097 6,150
Other interest earning assets 32 29
Total interest income 32,399 29,383
Interest expense:    
Deposits 1,770 1,509
Repurchase agreements 98 68
Borrowed funds 477 436
Total interest expense 2,345 2,013
Net interest income 30,054 27,370
Provision for loan losses 1,268 954
Net interest income after provision for loan losses 28,786 26,416
Noninterest income:    
Fees and service charges 2,910 2,901
Wealth management operations 1,680 1,657
Gain on sale of loans held-for-sale, net 1,609 1,212
Gain on sale of securities, net 826 606
Increase in cash value of bank owned life insurance 469 442
Gain/(loss) on sale of foreclosed real estate 100 (35)
Other 19 67
Total noninterest income 7,613 6,850
Noninterest expense:    
Compensation and benefits 13,979 13,147
Occupancy and equipment 3,634 3,520
Data processing 1,339 1,270
Marketing 517 548
Federal deposit insurance premiums 454 522
Statement and check processing 373 346
Professional services 365 356
Other 4,048 3,907
Total noninterest expense 24,709 23,616
Income before income tax expenses 11,690 9,650
Income tax expenses 2,548 1,798
Net income $ 9,142 $ 7,852
Earnings per common share:    
Basic $ 3.2 $ 2.75
Diluted 3.2 2.75
Dividends declared per common share $ 1.11 $ 1.06