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 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Loans receivable        
Real estate loans $ 5,606 $ 5,514 $ 11,027 $ 11,190
Commercial loans 1,053 907 2,066 1,789
Consumer loans 5 6 10 12
Total loan interest 6,664 6,427 13,103 12,991
Securities 1,599 1,523 3,216 3,068
Other interest earning assets 9 2 31 8
Total interest income 8,272 7,952 16,350 16,067
Interest expense:        
Deposits 498 441 957 870
Repurchase agreements 28 25 49 49
Borrowed funds 88 126 171 253
Total interest expense 614 592 1,177 1,172
Net interest income 7,658 7,360 15,173 14,895
Provision for loan losses 323 288 557 584
Net interest income after provision for loan losses 7,335 7,072 14,616 14,311
Noninterest income:        
Fees and service charges 821 716 1,561 1,379
Wealth management operations 398 434 808 857
Gain on sale of securities, net 252 165 545 418
Gain on sale of loans held-for-sale, net 271 291 471 541
Increase in cash value of bank owned life insurance 115 121 230 237
Gain on sale of foreclosed real estate, net 93 42 93 74
Other 10 1 37 2
Total noninterest income 1,960 1,770 3,745 3,508
Noninterest expense:        
Compensation and benefits 3,140 3,071 6,753 6,633
Occupancy and equipment 815 964 1,697 1,868
Data processing 360 338 728 663
Marketing 199 130 334 244
Federal deposit insurance premiums 81 131 158 268
Other 1,433 1,308 2,658 2,371
Total noninterest expense 6,028 5,942 12,328 12,047
Income before income tax expenses 3,267 2,900 6,033 5,772
Income tax expenses 738 658 1,206 1,286
Net income $ 2,529 $ 2,242 $ 4,827 $ 4,486
Earnings per common share:        
Basic $ 0.89 $ 0.78 $ 1.69 $ 1.57
Diluted 0.89 0.78 1.69 1.57
Dividends declared per common share $ 0.29 $ 0.28 $ 0.57 $ 0.55