Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.21.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest income:    
Real estate loans $ 8,239 $ 9,357
Commercial loans 2,240 1,485
Consumer loans 267 187
Total loan interest 10,746 11,029
Securities 1,961 1,705
Other interest earning assets 20 135
Total interest income 12,727 12,869
Interest expense:    
Deposits 651 2,064
Repurchase agreements 10 40
Borrowed funds 20 94
Total interest expense 681 2,198
Net interest income 12,046 10,671
Provision for loan losses 578 514
Net interest income after provision for loan losses 11,468 10,157
Noninterest income:    
Gain on sale of loans held-for-sale, net 2,049 1,153
Fees and service charges 1,066 1,049
Wealth management operations 607 554
Gain on sale of securities, net 417 510
Increase in cash value of bank owned life insurance 169 169
(Loss) gain on sale of foreclosed real estate, net (9) 60
Other 14 51
Total noninterest income 4,313 3,546
Noninterest expense:    
Compensation and benefits 5,530 5,217
Occupancy and equipment 1,372 1,409
Data processing 528 556
Marketing 199 208
Federal deposit insurance premiums 180 196
Other 2,529 2,413
Total noninterest expense 10,338 9,999
Income before income tax expenses 5,443 3,704
Income tax expenses 764 512
Net income $ 4,679 $ 3,192
Earnings per common share:    
Basic (in dollars per share) $ 1.35 $ 0.92
Diluted (in dollars per share) 1.35 0.92
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31