Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Loans receivable    
Real estate loans $ 27,091 $ 22,697
Commercial loans 5,079 4,143
Consumer loans 222 19
Total loan interest 32,392 26,859
Securities 6,881 6,434
Other interest earning assets 177 65
Total interest income 39,450 33,358
Interest expense:    
Deposits 3,799 2,059
Repurchase agreements 176 113
Borrowed funds 1,116 420
Total interest expense 5,091 2,592
Net interest income 34,359 30,766
Provision for loan losses 1,308 1,200
Net interest income after provision for loan losses 33,051 29,566
Noninterest income:    
Fees and service charges 3,866 3,311
Wealth management operations 1,696 1,711
Gain on sale of loans held-for-sale, net 1,619 1,200
Gain on sale of securities, net 1,200 860
Increase in cash value of bank owned life insurance 494 460
Gain on sale of foreclosed real estate 54 103
Other 170 107
Total noninterest income 9,099 7,752
Noninterest expense:    
Compensation and benefits 16,412 14,219
Occupancy and equipment 3,653 3,281
Data processing 2,467 1,453
Marketing 707 595
Professional services 713 443
Statement and check processing 414 383
Federal deposit insurance premiums 410 336
Other 6,607 4,778
Total noninterest expense 31,383 25,488
Income before income tax expenses 10,767 11,830
Income tax expenses 1,430 2,869
Net income $ 9,337 $ 8,961
Earnings per common share:    
Basic $ 3.17 $ 3.13
Diluted 3.17 3.13
Dividends declared per common share $ 1.19 $ 1.15