Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.3.1.900
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Loans receivable    
Real estate loans $ 19,766 $ 17,941
Commercial loans 3,419 3,272
Consumer loans 19 19
Total loan interest 23,204 21,232
Securities 6,150 5,917
Other interest earning assets 29 34
Total interest income 29,383 27,183
Interest expense:    
Deposits 1,509 1,253
Repurchase agreements 68 67
Borrowed funds 436 500
Total interest expense 2,013 1,820
Net interest income 27,370 25,363
Provision for loan losses 954 875
Net interest income after provision for loan losses 26,416 24,488
Noninterest income:    
Fees and service charges 2,901 2,738
Wealth management operations 1,657 1,605
Gain on sale of loans held-for-sale, net 1,212 623
Gain on sale of securities, net 606 541
Increase in cash value of bank owned life insurance 442 418
Gain/(loss) on sale of foreclosed real estate (35) 35
Other 67 114
Total noninterest income 6,850 6,074
Noninterest expense:    
Compensation and benefits 13,147 11,416
Occupancy and equipment 3,520 3,238
Data processing 1,270 1,139
Marketing 548 496
Federal deposit insurance premiums 522 466
Statement and check processing 346 333
Professional services 289 260
Other 3,974 3,667
Total noninterest expense 23,616 21,015
Income before income tax expenses 9,650 9,547
Income tax expenses 1,798 2,153
Net income $ 7,852 $ 7,394
Earnings per common share:    
Basic (in dollars per share) $ 2.75 $ 2.6
Diluted (in dollars per share) 2.75 2.6
Dividends declared per common share (in dollars per share) $ 1.06 $ 0.97