Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income:        
Real estate loans $ 9,452 $ 7,189 $ 27,853 $ 19,240
Commercial loans 1,654 1,266 4,989 3,457
Consumer loans 229 97 521 106
Total loan interest 11,335 8,552 33,363 22,803
Securities 1,659 1,709 5,237 5,127
Other interest earning assets 326 74 611 134
Total interest income 13,320 10,335 39,211 28,064
Interest expense:        
Deposits 2,353 1,018 6,036 2,531
Repurchase agreements 64 47 179 124
Borrowed funds 108 254 402 682
Total interest expense 2,525 1,319 6,617 3,337
Net interest income 10,795 9,016 32,594 24,727
Provision for loan losses 494 312 1,322 950
Net interest income after provision for loan losses 10,301 8,704 31,272 23,777
Noninterest income:        
Fees and service charges 1,203 991 3,608 2,830
Wealth management operations 447 414 1,426 1,253
Gain on sale of loans held-for-sale, net 681 451 1,323 1,021
Gain on sale of securities, net 102 151 754 1,155
Increase in cash value of bank owned life insurance 177 130 519 358
Benefit from bank owned life insurance 205 205
Gain on sale of foreclosed real estate, net 43 54 83 154
Other 39 32 217 104
Total noninterest income 2,897 2,223 8,135 6,875
Noninterest expense:        
Compensation and benefits 4,932 4,669 14,333 12,045
Occupancy and equipment 1,231 829 3,522 2,524
Data processing 806 1,012 2,753 2,076
Marketing 170 223 783 523
Federal deposit insurance premiums 18 91 286 250
Other 2,112 2,233 6,305 5,512
Total noninterest expense 9,269 9,057 27,982 22,930
Income before income tax expenses 3,929 1,870 11,425 7,722
Income tax expenses 351 245 1,602 1,025
Net income $ 3,578 $ 1,625 $ 9,823 $ 6,697
Earnings per common share:        
Basic (in dollars per share) $ 1.04 $ 0.54 $ 2.88 $ 2.29
Diluted (in dollars per share) 1.04 0.54 2.88 2.29
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.30 $ 0.92 $ 0.89