Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest income:    
Real estate loans $ 9,357 $ 8,748
Commercial loans 1,485 1,684
Consumer loans 187 111
Total loan interest 11,029 10,543
Securities 1,705 1,801
Other interest earning assets 135 143
Total interest income 12,869 12,487
Interest expense:    
Deposits 2,064 1,672
Repurchase agreements 40 49
Borrowed funds 94 166
Total interest expense 2,198 1,887
Net interest income 10,671 10,600
Provision for loan losses 514 317
Net interest income after provision for loan losses 10,157 10,283
Noninterest income:    
Fees and service charges 1,049 1,162
Gain on sale of loans held-for-sale, net 635 242
Wealth management operations 554 500
Gain on sale of securities, net 510 352
Increase in cash value of bank owned life insurance 169 163
Gain on sale of foreclosed real estate, net 60 27
Other 569 124
Total noninterest income 3,546 2,570
Noninterest expense:    
Compensation and benefits 5,217 4,676
Occupancy and equipment 1,409 1,123
Data processing 556 703
Marketing 208 263
Federal deposit insurance premiums 196 91
Other 2,413 3,435
Total noninterest expense 9,999 10,291
Income before income tax expenses 3,704 2,562
Income tax expenses 512 340
Net income $ 3,192 $ 2,222
Earnings per common share:    
Basic (in dollars per share) $ 0.92 $ 0.66
Diluted (in dollars per share) 0.92 0.66
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.30