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 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Loans receivable        
Real estate loans $ 5,229 $ 4,686 $ 14,459 $ 13,330
Commercial loans 851 828 2,520 2,482
Consumer loans 4 6 13 15
Total loan interest 6,084 5,520 16,992 15,827
Securities 1,535 1,509 4,554 4,399
Other interest earning assets 6 13 26 20
Total interest income 7,625 7,042 21,572 20,246
Interest expense:        
Deposits 408 332 1,087 914
Repurchase agreements 16 17 49 49
Borrowed funds 101 122 329 378
Total interest expense 525 471 1,465 1,341
Net interest income 7,100 6,571 20,107 18,905
Provision for loan losses 100 165 585 575
Net interest income after provision for loan losses 7,000 6,406 19,522 18,330
Noninterest income:        
Fees and service charges 729 734 2,072 2,031
Wealth management operations 449 375 1,265 1,194
Gain on sale of loans held-for-sale, net 276 178 1,010 383
Gain on sale of securities, net 32 63 562 520
Increase in cash value of bank owned life insurance 117 94 327 310
Gain on sale of foreclosed real estate, net 0 16 24 21
Other 12 11 37 99
Total noninterest income 1,615 1,471 5,297 4,558
Noninterest expense:        
Compensation and benefits 3,372 2,980 9,743 8,419
Occupancy and equipment 938 865 2,724 2,476
Data processing 322 291 950 851
Marketing 132 108 390 368
Federal deposit insurance premiums 124 128 367 346
Other 1,337 1,000 3,354 3,046
Total noninterest expense 6,225 5,372 17,528 15,506
Income before income tax expenses 2,390 2,505 7,291 7,382
Income tax expenses 469 592 1,468 1,716
Net income $ 1,921 $ 1,913 $ 5,823 $ 5,666
Earnings per common share:        
Basic (in dollars per share) $ 0.67 $ 0.67 $ 2.04 $ 1.99
Diluted (in dollars per share) 0.67 0.67 2.04 1.99
Dividends declared per common share (in dollars per share) $ 0.27 $ 0.25 $ 0.79 $ 0.72