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, 2020
Dec. 31, 2019
Interest income:    
Real estate loans $ 35,875 $ 37,574
Commercial loans 8,162 6,451
Consumer loans 830 430
Total loan interest 44,867 44,455
Securities 6,512 6,948
Other interest earning assets 242 847
Total interest income 51,621 52,250
Interest expense:    
Deposits 5,321 8,359
Repurchase agreements 87 233
Borrowed funds 332 500
Total interest expense 5,740 9,092
Net interest income 45,881 43,158
Provision for loan losses 3,687 2,584
Net interest income after provision for loan losses 42,194 40,574
Noninterest income:    
Gain on sale of loans held-for-sale, net 7,588 2,071
Fees and service charges 5,161 4,737
Gain on sale of securities, net 2,348 621
Wealth management operations 2,138 1,915
Increase in cash value of bank owned life insurance 708 688
Gain on sale of foreclosed real estate 78 78
Benefit from bank owned life insurance 0 205
Other 127 355
Total noninterest income 18,148 10,670
Noninterest expense:    
Compensation and benefits 22,065 19,617
Occupancy and equipment 4,933 4,548
Data processing 2,267 2,967
Federal deposit insurance premiums 788 300
Marketing 732 926
Professional services 640 803
Other 9,421 8,227
Total noninterest expense 40,846 37,388
Income before income tax expenses 19,496 13,856
Income tax expenses 2,892 1,759
Net income $ 16,604 $ 12,097
Earnings per common share:    
Basic (in dollars per share) $ 4.80 $ 3.53
Diluted (in dollars per share) 4.80 3.53
Dividends declared per common share (in dollars per share) $ 1.24 $ 1.23