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, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Loans receivable        
Real estate loans $ 5,773 $ 5,676 $ 16,800 $ 16,866
Commercial loans 1,050 982 3,116 2,771
Consumer loans 5 6 15 17
Total loan interest 6,828 6,664 19,931 19,654
Securities 1,585 1,498 4,801 4,566
Other interest earning assets 18 7 49 15
Total interest income 8,431 8,169 24,781 24,235
Interest expense:        
Deposits 518 445 1,475 1,315
Repurchase agreements 31 25 80 74
Borrowed funds 110 117 281 370
Total interest expense 659 587 1,836 1,759
Net interest income 7,772 7,582 22,945 22,476
Provision for loan losses 165 262 722 846
Net interest income after provision for loan losses 7,607 7,320 22,223 21,630
Noninterest income:        
Fees and service charges 843 763 2,404 2,143
Wealth management operations 459 423 1,267 1,280
Gain on sale of loans held-for-sale, net 412 579 883 1,120
Gain on sale of securities, net 213 283 758 700
Increase in cash value of bank owned life insurance 119 118 349 354
Gain on sale of foreclosed real estate, net 2 6 95 80
Other 27 15 64 18
Total noninterest income 2,075 2,187 5,820 5,695
Noninterest expense:        
Compensation and benefits 4,094 3,901 10,847 10,534
Occupancy and equipment 845 900 2,542 2,768
Data processing 364 343 1,092 1,005
Federal deposit insurance premiums 84 135 242 403
Marketing 135 108 469 352
Other 1,403 1,161 4,061 3,533
Total noninterest expense 6,925 6,548 19,253 18,595
Income before income tax expenses 2,757 2,959 8,790 8,730
Income tax expenses 509 631 1,715 1,917
Net income $ 2,248 $ 2,328 $ 7,075 $ 6,813
Earnings per common share:        
Basic $ 0.78 $ 0.81 $ 2.47 $ 2.38
Diluted 0.78 0.81 2.47 2.38
Dividends declared per common share $ 0.29 $ 0.28 $ 0.87 $ 0.83