Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

v3.5.0.2
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Loans receivable        
Real estate loans $ 5,514 $ 4,709 $ 11,190 $ 9,230
Commercial loans 907 855 1,789 1,669
Consumer loans 6 5 12 9
Total loan interest 6,427 5,569 12,991 10,908
Securities 1,523 1,505 3,068 3,019
Other interest earning assets 2 11 8 20
Total interest income 7,952 7,085 16,067 13,947
Interest expense:        
Deposits 441 345 870 679
Repurchase agreements 25 17 49 33
Borrowed funds 126 113 253 228
Total interest expense 592 475 1,172 940
Net interest income 7,360 6,610 14,895 13,007
Provision for loan losses 288 198 584 485
Net interest income after provision for loan losses 7,072 6,412 14,311 12,522
Noninterest income:        
Fees and service charges 716 711 1,379 1,343
Wealth management operations 434 387 857 816
Gain on sale of loans held-for-sale, net 291 354 541 734
Gain on sale of securities, net 165 137 418 530
Increase in cash value of bank owned life insurance 121 106 237 210
Gain on sale of foreclosed real estate, net 42 23 74 24
Other 1 14 2 25
Total noninterest income 1,770 1,732 3,508 3,682
Noninterest expense:        
Compensation and benefits 3,071 3,198 6,633 6,371
Occupancy and equipment 964 885 1,868 1,786
Data processing 338 313 663 628
Federal deposit insurance premiums 131 109 268 243
Marketing 130 145 244 258
Other 1,308 1,020 2,371 2,016
Total noninterest expense 5,942 5,670 12,047 11,302
Income before income tax expenses 2,900 2,474 5,772 4,902
Income tax expenses 658 498 1,286 999
Net income $ 2,242 $ 1,976 $ 4,486 $ 3,903
Earnings per common share:        
Basic $ 0.78 $ 0.69 $ 1.57 $ 1.37
Diluted 0.78 0.69 1.57 1.37
Dividends declared per common share $ 0.28 $ 0.27 $ 0.55 $ 0.52