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, 2018
Mar. 31, 2017
Loans receivable    
Real estate loans $ 5,917 $ 5,421
Commercial loans 1,072 1,013
Consumer loans 5 5
Total loan interest 6,994 6,439
Securities 1,722 1,617
Other interest earning assets 17 22
Total interest income 8,733 8,078
Interest expense:    
Deposits 675 459
Repurchase agreements 32 21
Borrowed funds 191 83
Total interest expense 898 563
Net interest income 7,835 7,515
Provision for loan losses 341 234
Net interest income after provision for loan losses 7,494 7,281
Noninterest income:    
Fees and service charges 892 740
Gain on sale of securities, net 758 293
Wealth management operations 415 410
Gain on sale of loans held-for-sale, net 211 200
Increase in cash value of bank owned life insurance 108 115
Gain on sale of foreclosed real estate, net 32 0
Other 33 27
Total noninterest income 2,449 1,785
Noninterest expense:    
Compensation and benefits 3,860 3,613
Occupancy and equipment 853 882
Data processing 361 368
Marketing 134 135
Federal deposit insurance premiums 84 77
Other 1,675 1,225
Total noninterest expense 6,967 6,300
Income before income tax expenses 2,976 2,766
Income tax expenses 415 468
Net income $ 2,561 $ 2,298
Earnings per common share:    
Basic $ 0.89 $ 0.8
Diluted 0.89 0.8
Dividends declared per common share $ 0.29 $ 0.28