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, 2019
Mar. 31, 2018
Loans receivable    
Real estate loans $ 8,748 $ 5,917
Commercial loans 1,684 1,072
Consumer loans 111 5
Total loan interest 10,543 6,994
Securities 1,801 1,722
Other interest earning assets 143 17
Total interest income 12,487 8,733
Interest expense:    
Deposits 1,672 675
Repurchase agreements 49 32
Borrowed funds 166 191
Total interest expense 1,887 898
Net interest income 10,600 7,835
Provision for loan losses 317 341
Net interest income after provision for loan losses 10,283 7,494
Noninterest income:    
Fees and service charges 1,162 892
Wealth management operations 500 415
Gain on sale of securities, net 352 758
Gain on sale of loans held-for-sale, net 242 211
Increase in cash value of bank owned life insurance 163 108
Gain on sale of foreclosed real estate, net 27 32
Other 124 33
Total noninterest income 2,570 2,449
Noninterest expense:    
Compensation and benefits 4,676 3,860
Occupancy and equipment 1,123 853
Data processing 703 361
Marketing 263 134
Federal deposit insurance premiums 91 84
Other 3,435 1,675
Total noninterest expense 10,291 6,967
Income before income tax expenses 2,562 2,976
Income tax expenses 340 415
Net income $ 2,222 $ 2,561
Earnings per common share:    
Basic $ 0.66 $ 0.89
Diluted 0.66 0.89
Dividends declared per common share $ 0.30 $ 0.29