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, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Loans receivable        
Real estate loans $ 9,653 $ 6,134 $ 18,401 $ 12,051
Commercial loans 1,651 1,119 3,335 2,191
Consumer loans 181 4 292 9
Total loan interest 11,485 7,257 22,028 14,251
Securities 1,777 1,696 3,578 3,418
Other interest earning assets 143 43 285 60
Total interest income 13,405 8,996 25,891 17,729
Interest expense:        
Deposits 2,011 838 3,683 1,513
Repurchase agreements 66 45 115 77
Borrowed funds 128 237 294 428
Total interest expense 2,205 1,120 4,092 2,018
Net interest income 11,200 7,876 21,799 15,711
Provision for loan losses 511 297 828 638
Net interest income after provision for loan losses 10,689 7,579 20,971 15,073
Noninterest income:        
Fees and service charges 1,243 947 2,405 1,839
Wealth management operations 479 424 979 839
Gain on sale of securities, net 301 246 652 1,004
Gain on sale of loans held-for-sale, net 400 359 642 570
Increase in cash value of bank owned life insurance 179 120 342 228
Gain on sale of foreclosed real estate, net 13 68 40 100
Other 54 39 178 72
Total noninterest income 2,669 2,203 5,238 4,652
Noninterest expense:        
Compensation and benefits 4,600 3,516 9,401 7,376
Occupancy and equipment 1,169 842 2,291 1,695
Data processing 351 703 1,947 1,064
Marketing 176 166 613 300
Federal deposit insurance premiums 177 75 268 159
Other 1,951 1,604 4,193 3,279
Total noninterest expense 8,424 6,906 18,713 13,873
Income before income tax expenses 4,934 2,876 7,496 5,852
Income tax expenses 911 365 1,251 780
Net income $ 4,023 $ 2,511 $ 6,245 $ 5,072
Earnings per common share:        
Basic $ 1.17 $ 0.88 $ 1.84 $ 1.77
Diluted 1.17 0.88 1.84 1.77
Dividends declared per common share $ 0.31 $ 0.30 $ 0.61 $ 0.59