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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and Dividend Income        
Loans receivable $ 18,542 $ 17,738 $ 36,812 $ 32,063
Investment securities 2,730 2,693 5,496 4,859
Federal Home Loan Bank stock 178 127 356 317
Deposits with financial institutions 68 63 156 130
Total interest and dividend income 21,518 20,621 42,820 37,369
Interest Expense        
Deposits 3,901 2,540 7,474 4,647
Federal Home Loan Bank advances 1,322 1,174 2,758 2,136
Other 251 299 502 394
Total interest expense 5,474 4,013 10,734 7,177
Net Interest Income 16,044 16,608 32,086 30,192
Provision for loan losses 475 500 950 950
Net Interest Income After Provision for Loan Losses 15,569 16,108 31,136 29,242
Non-interest Income        
Net realized gain on sales of available for sale securities 422 106 866 260
Net gains on sales of loans 1,341 736 2,371 1,371
Net servicing fees 139 154 288 304
Increase in cash value of life insurance 325 322 627 611
Gain (loss) on sale of other real estate and repossessed assets (29) 11 (58) (57)
Other income 183 148 368 597
Total non-interest income 5,704 4,804 10,789 9,239
Non-interest Expenses        
Salaries and employee benefits 8,541 8,628 17,101 15,917
Net occupancy expenses 996 995 2,040 1,892
Equipment expenses 584 698 1,231 1,254
Data processing fees 639 676 1,290 1,269
ATM and debit card expenses 598 573 1,160 1,044
Deposit insurance 209 225 416 482
Professional fees 472 472 880 1,254
Advertising and promotion 345 499 674 859
Software subscriptions and maintenance 816 691 1,585 1,285
Intangible amortization 200 375 414 538
Other real estate and repossessed assets 70 44 123 89
Other expenses 1,174 2,287 2,289 3,257
Total non-interest expenses 14,644 16,163 29,203 29,140
Income Before Income Tax 6,629 4,749 12,722 9,341
Income tax expense 878 584 1,733 1,169
Net Income $ 5,751 $ 4,165 $ 10,989 $ 8,172
Earnings Per Common Share        
Basic $ 0.67 $ 0.49 $ 1.28 $ 1.00
Diluted 0.66 0.48 1.26 0.98
Dividends Per Common Share $ 0.20 $ 0.18 $ 0.40 $ 0.36
Service Fees [Member]        
Non-interest Income        
Non-interest income $ 2,041 $ 1,959 $ 3,849 $ 3,523
Commissions [Member]        
Non-interest Income        
Non-interest income $ 1,282 $ 1,368 $ 2,478 $ 2,630