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
Mar. 31, 2016
Mar. 31, 2015
Loans receivable    
Real estate loans $ 5,676 $ 4,521
Commercial loans 882 814
Consumer loans 6 4
Total loan interest 6,564 5,339
Securities 1,545 1,514
Other interest earning assets 6 9
Total interest income 8,115 6,862
Interest expense:    
Deposits 429 334
Repurchase agreements 24 16
Borrowed funds 127 115
Total interest expense 580 465
Net interest income 7,535 6,397
Provision for loan losses 296 287
Net interest income after provision for loan losses 7,239 6,110
Noninterest income:    
Fees and service charges 663 632
Wealth management operations 423 429
Gain on sale of securities, net 253 393
Gain on sale of loans held-for-sale, net 250 380
Increase in cash value of bank owned life insurance 116 104
Gain on sale of foreclosed real estate, net 32 1
Other 1 11
Total noninterest income 1,738 1,950
Noninterest expense:    
Compensation and benefits 3,562 3,173
Occupancy and equipment 904 901
Data processing 325 315
Federal deposit insurance premiums 137 134
Marketing 114 113
Other 1,063 996
Total noninterest expense 6,105 5,632
Income before income tax expenses 2,872 2,428
Income tax expenses 628 501
Net income $ 2,244 $ 1,927
Earnings per common share:    
Basic $ 0.79 $ 0.68
Diluted 0.79 0.68
Dividends declared per common share $ 0.27 $ 0.25