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 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Loans receivable        
Real estate loans $ 7,189 $ 5,773 $ 19,240 $ 16,800
Commercial loans 1,266 1,050 3,457 3,116
Consumer loans 97 5 106 15
Total loan interest 8,552 6,828 22,803 19,931
Securities 1,709 1,585 5,127 4,801
Other interest earning assets 74 18 134 49
Total interest income 10,335 8,431 28,064 24,781
Interest expense:        
Deposits 1,018 518 2,531 1,475
Repurchase agreements 47 31 124 80
Borrowed funds 254 110 682 281
Total interest expense 1,319 659 3,337 1,836
Net interest income 9,016 7,772 24,727 22,945
Provision for loan losses 312 165 950 722
Net interest income after provision for loan losses 8,704 7,607 23,777 22,223
Noninterest income:        
Fees and service charges 991 843 2,830 2,404
Wealth management operations 414 459 1,253 1,267
Gain on sale of securities, net 151 213 1,155 758
Gain on sale of loans held-for-sale, net 451 412 1,021 883
Increase in cash value of bank owned life insurance 130 119 358 349
Gain on sale of foreclosed real estate, net 54 2 154 95
Other 32 27 104 64
Total noninterest income 2,223 2,075 6,875 5,820
Noninterest expense:        
Compensation and benefits 4,669 4,094 12,045 10,847
Occupancy and equipment 829 845 2,524 2,542
Data processing 1,012 364 2,076 1,092
Marketing 223 135 523 469
Federal deposit insurance premiums 91 84 250 242
Other 2,233 1,403 5,512 4,061
Total noninterest expense 9,057 6,925 22,930 19,253
Income before income tax expenses 1,870 2,757 7,722 8,790
Income tax expenses 245 509 1,025 1,715
Net income $ 1,625 $ 2,248 $ 6,697 $ 7,075
Earnings per common share:        
Basic $ 0.54 $ 0.78 $ 2.29 $ 2.47
Diluted 0.54 0.78 2.29 2.47
Dividends declared per common share $ 0.30 $ 0.29 $ 0.89 $ 0.87