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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest Income:        
Loans (including fees) $ 16,867 $ 14,421 $ 47,650 $ 39,447
Deposits with other banks 158 82 274 142
Securities (including FHLB stock) 3,083 3,317 9,766 10,018
Federal funds sold 0 6 1 8
Total Interest Income 20,108 17,826 57,691 49,615
Interest Expense:        
Demand deposits 2,155 1,460 6,273 3,902
Savings deposits 107 61 281 147
Time deposits 2,916 2,044 7,291 5,079
Borrowings 439 403 1,316 1,143
Total Interest Expense 5,617 3,968 15,161 10,271
Net Interest Income 14,491 13,858 42,530 39,344
Less: Provision for loan losses 372 1,051 568 3,064
Net Interest Income after Provision for Loan Losses 14,119 12,807 41,962 36,280
Noninterest Income:        
Service charges, commissions and fees 768 718 2,262 1,851
ATM and debit card fees 540 497 1,572 1,464
Net (losses) gains on securities (696) 62 (902) 996
Net gains on sale of loans 45 3 176 127
Other 542 723 1,437 1,518
Total Noninterest Income 1,199 2,003 4,545 5,956
Noninterest Expense:        
Salaries and employee benefits 5,764 5,270 16,979 14,689
Occupancy and equipment expense 1,370 1,166 4,108 3,274
Other 4,022 3,709 10,953 10,197
Total Noninterest Expense 11,156 10,145 32,040 28,160
Income Before Income Taxes 4,162 4,665 14,467 14,076
Less: Provision for income taxes 765 1,603 2,872 4,831
Net Income $ 3,397 $ 3,062 $ 11,595 $ 9,245
Per Common Share:        
Earnings (in dollars per share) [1] $ 0.39 $ 0.35 $ 1.32 $ 1.08
Cash dividends paid (in dollars per share) [1] $ 0.16 $ 0.15 $ 0.48 $ 0.44
Weighted Average Common Shares Outstanding (in shares) 8,807,175 8,807,175 8,807,175 8,540,997
[1] All share amounts have been restated to reflect the ten percent stock dividend paid December 14, 2017 to shareholders of record as of December 8, 2017.