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, 2017
Mar. 31, 2016
Loans receivable    
Real estate loans $ 5,421 $ 5,676
Commercial loans 1,013 882
Consumer loans 5 6
Total loan interest 6,439 6,564
Securities 1,617 1,545
Other interest earning assets 22 6
Total interest income 8,078 8,115
Interest expense:    
Deposits 459 429
Repurchase agreements 21 24
Borrowed funds 83 127
Total interest expense 563 580
Net interest income 7,515 7,535
Provision for loan losses 234 296
Net interest income after provision for loan losses 7,281 7,239
Noninterest income:    
Fees and service charges 740 663
Wealth management operations 410 423
Gain on sale of securities, net 293 253
Gain on sale of loans held-for-sale, net 200 250
Increase in cash value of bank owned life insurance 115 116
Gain on sale of foreclosed real estate, net 0 32
Other 27 1
Total noninterest income 1,785 1,738
Noninterest expense:    
Compensation and benefits 3,613 3,562
Occupancy and equipment 882 904
Data processing 368 325
Marketing 135 114
Federal deposit insurance premiums 77 137
Other 1,225 1,063
Total noninterest expense 6,300 6,105
Income before income tax expenses 2,766 2,872
Income tax expenses 468 628
Net income $ 2,298 $ 2,244
Earnings per common share:    
Basic $ 0.8 $ 0.79
Diluted 0.8 0.79
Dividends declared per common share $ 0.28 $ 0.27