Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.8.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Loans receivable    
Real estate loans $ 22,697 $ 22,474
Commercial loans 4,143 3,772
Consumer loans 19 24
Total loan interest 26,859 26,270
Securities 6,434 6,097
Other interest earning assets 65 32
Total interest income 33,358 32,399
Interest expense:    
Deposits 2,059 1,770
Repurchase agreements 113 98
Borrowed funds 420 477
Total interest expense 2,592 2,345
Net interest income 30,766 30,054
Provision for loan losses 1,200 1,268
Net interest income after provision for loan losses 29,566 28,786
Noninterest income:    
Fees and service charges 3,311 2,910
Wealth management operations 1,711 1,680
Gain on sale of loans held-for-sale, net 1,200 1,609
Gain on sale of securities, net 860 826
Increase in cash value of bank owned life insurance 460 469
Gain on sale of foreclosed real estate 103 100
Other 107 19
Total noninterest income 7,752 7,613
Noninterest expense:    
Compensation and benefits 14,219 13,979
Occupancy and equipment 3,281 3,634
Data processing 1,453 1,339
Marketing 595 517
Professional services 443 365
Statement and check processing 383 373
Federal deposit insurance premiums 336 454
Other 4,778 4,048
Total noninterest expense 25,488 24,709
Income before income tax expenses 11,830 11,690
Income tax expenses 2,869 2,548
Net income $ 8,961 $ 9,142
Earnings per common share:    
Basic $ 3.13 $ 3.2
Diluted 3.13 3.2
Dividends declared per common share $ 1.15 $ 1.11