Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Loans receivable        
Real estate loans $ 5,676 $ 5,229 $ 16,866 $ 14,459
Commercial loans 982 851 2,771 2,520
Consumer loans 6 4 17 13
Total loan interest 6,664 6,084 19,654 16,992
Securities 1,498 1,535 4,566 4,554
Other interest earning assets 7 6 15 26
Total interest income 8,169 7,625 24,235 21,572
Interest expense:        
Deposits 445 408 1,315 1,087
Repurchase agreements 25 16 74 49
Borrowed funds 117 101 370 329
Total interest expense 587 525 1,759 1,465
Net interest income 7,582 7,100 22,476 20,107
Provision for loan losses 262 100 846 585
Net interest income after provision for loan losses 7,320 7,000 21,630 19,522
Noninterest income:        
Fees and service charges 763 729 2,143 2,072
Wealth management operations 423 449 1,280 1,265
Gain on sale of loans held-for-sale, net 579 276 1,120 1,010
Gain on sale of securities, net 283 32 700 562
Increase in cash value of bank owned life insurance 118 117 354 327
Gain on sale of foreclosed real estate, net 6 0 80 24
Other 15 12 18 37
Total noninterest income 2,187 1,615 5,695 5,297
Noninterest expense:        
Compensation and benefits 3,901 3,372 10,534 9,743
Occupancy and equipment 900 938 2,768 2,724
Data processing 343 322 1,005 950
Federal deposit insurance premiums 135 124 403 367
Marketing 108 132 352 390
Other 1,161 1,337 3,533 3,354
Total noninterest expense 6,548 6,225 18,595 17,528
Income before income tax expenses 2,959 2,390 8,730 7,291
Income tax expenses 631 469 1,917 1,468
Net income $ 2,328 $ 1,921 $ 6,813 $ 5,823
Earnings per common share:        
Basic $ 0.81 $ 0.67 $ 2.38 $ 2.04
Diluted 0.81 0.67 2.38 2.04
Dividends declared per common share $ 0.28 $ 0.27 $ 0.83 $ 0.79