Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.20.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Interest income:    
Real estate loans $ 37,574 $ 27,091
Commercial loans 6,451 5,079
Consumer loans 430 222
Total loan interest 44,455 32,392
Securities 6,948 6,881
Other interest earning assets 847 177
Total interest income 52,250 39,450
Interest expense:    
Deposits 8,359 3,799
Repurchase agreements 233 176
Borrowed funds 500 1,116
Total interest expense 9,092 5,091
Net interest income 43,158 34,359
Provision for loan losses 2,584 1,308
Net interest income after provision for loan losses 40,574 33,051
Noninterest income:    
Fees and service charges 4,737 3,866
Wealth management operations 1,915 1,696
Gain on sale of loans held-for-sale, net 1,885 1,619
Increase in cash value of bank owned life insurance 688 494
Gain on sale of securities, net 621 1,200
Benefit from bank owned life insurance 205
Gain on sale of foreclosed real estate 78 54
Other 541 170
Total noninterest income 10,670 9,099
Noninterest expense:    
Compensation and benefits 19,617 16,412
Occupancy and equipment 4,548 3,653
Data processing 2,967 2,467
Professional services 803 713
Marketing 926 707
Federal deposit insurance premiums 300 410
Other 8,227 7,021
Total noninterest expense 37,388 31,383
Income before income tax expenses 13,856 10,767
Income tax expenses 1,759 1,430
Net income $ 12,097 $ 9,337
Earnings per common share:    
Basic (in dollars per share) $ 3.53 $ 3.17
Diluted (in dollars per share) 3.53 3.17
Dividends declared per common share (in dollars per share) $ 1.23 $ 1.19