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 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Loans receivable        
Real estate loans $ 6,134 $ 5,606 $ 12,051 $ 11,027
Commercial loans 1,119 1,053 2,191 2,066
Consumer loans 4 5 9 10
Total loan interest 7,257 6,664 14,251 13,103
Securities 1,696 1,599 3,418 3,216
Other interest earning assets 43 9 60 31
Total interest income 8,996 8,272 17,729 16,350
Interest expense:        
Deposits 838 498 1,513 957
Repurchase agreements 45 28 77 49
Borrowed funds 237 88 428 171
Total interest expense 1,120 614 2,018 1,177
Net interest income 7,876 7,658 15,711 15,173
Provision for loan losses 297 323 638 557
Net interest income after provision for loan losses 7,579 7,335 15,073 14,616
Noninterest income:        
Fees and service charges 947 821 1,839 1,561
Gain on sale of securities, net 246 252 1,004 545
Wealth management operations 424 398 839 808
Gain on sale of loans held-for-sale, net 359 271 570 471
Increase in cash value of bank owned life insurance 120 115 228 230
Gain on sale of foreclosed real estate, net 68 93 100 93
Other 39 10 72 37
Total noninterest income 2,203 1,960 4,652 3,745
Noninterest expense:        
Compensation and benefits 3,516 3,140 7,376 6,753
Occupancy and equipment 842 815 1,695 1,697
Data processing 703 360 1,064 728
Marketing 166 199 300 334
Federal deposit insurance premiums 75 81 159 158
Other 1,604 1,433 3,279 2,658
Total noninterest expense 6,906 6,028 13,873 12,328
Income before income tax expenses 2,876 3,267 5,852 6,033
Income tax expenses 365 738 780 1,206
Net income $ 2,511 $ 2,529 $ 5,072 $ 4,827
Earnings per common share:        
Basic $ 0.88 $ 0.89 $ 1.77 $ 1.69
Diluted 0.88 0.89 1.77 1.69
Dividends declared per common share $ 0.3 $ 0.29 $ 0.59 $ 0.57