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, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Loans receivable        
Real estate loans $ 4,709 $ 4,573 $ 9,230 $ 8,644
Commercial loans 855 834 1,669 1,654
Consumer loans 5 5 9 9
Total loan interest 5,569 5,412 10,908 10,307
Securities 1,505 1,502 3,019 2,890
Other interest earning assets 11 2 20 7
Total interest income 7,085 6,916 13,947 13,204
Interest expense:        
Deposits 345 307 679 582
Repurchase agreements 17 17 33 32
Borrowed funds 113 130 228 256
Total interest expense 475 454 940 870
Net interest income 6,610 6,462 13,007 12,334
Provision for loan losses 198 165 485 410
Net interest income after provision for loan losses 6,412 6,297 12,522 11,924
Noninterest income:        
Fees and service charges 711 703 1,343 1,297
Wealth management operations 387 441 816 819
Gain on sale of loans held-for-sale, net 354 141 734 216
Gain on sale of securities, net 137 107 530 457
Increase in cash value of bank owned life insurance 106 103 210 205
Gain/(loss) on sale of foreclosed real estate, net 23 (7) 24 5
Other 14 72 25 88
Total noninterest income 1,732 1,560 3,682 3,087
Noninterest expense:        
Compensation and benefits 3,198 2,793 6,371 5,439
Occupancy and equipment 885 821 1,786 1,611
Data processing 313 284 628 560
Marketing 145 142 258 260
Federal deposit insurance premiums 109 127 243 218
Other 1,020 1,138 2,016 2,046
Total noninterest expense 5,670 5,305 11,302 10,134
Income before income tax expenses 2,474 2,552 4,902 4,877
Income tax expenses 498 603 999 1,124
Net income $ 1,976 $ 1,949 $ 3,903 $ 3,753
Earnings per common share:        
Basic (in dollars per share) $ 0.69 $ 0.69 $ 1.37 $ 1.32
Diluted (in dollars per share) 0.69 0.69 1.37 1.32
Dividends declared per common share (in dollars per share) $ 0.27 $ 0.25 $ 0.52 $ 0.47