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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest and dividend income:        
Interest and fees on loans $ 6,704 $ 5,984 $ 13,102 $ 11,816
Interest on securities available for sale        
Taxable 1,186 933 2,287 1,820
Tax-exempt 736 1,110 1,495 2,231
Interest on deposits at other banks 135 92 247 146
Dividend income 136 94 290 182
Total interest and dividend income 8,897 8,213 17,421 16,195
Interest expense:        
Interest on deposits 512 482 991 949
Interest on borrowings 330 249 625 484
Total interest expense 842 731 1,616 1,433
Net interest income 8,055 7,482 15,805 14,762
Provision for loan losses 90 120 280 210
Net interest income after provision for loan losses 7,965 7,362 15,525 14,552
Other income:        
Trust and investment services income 474 426 1,028 908
Service fees 837 684 1,498 1,246
Commissions 657 584 1,241 1,131
Gains/(losses) on the sale of debt securities, net (62) 107 (28) 247
Gains on equity securities, net 16 47
Gains on sale of mortgages 352 437 587 792
Earnings on bank-owned life insurance 192 171 1,291 344
Other income 162 103 344 256
Total other income 2,628 2,512 6,008 4,924
Operating expenses:        
Salaries and employee benefits 5,221 4,811 10,181 9,530
Occupancy 602 605 1,265 1,204
Equipment 291 297 579 579
Advertising & marketing 205 160 437 396
Computer software & data processing 574 549 1,118 1,079
Shares tax 229 215 443 430
Professional services 505 495 938 884
Other expense 540 583 1,090 1,131
Total operating expenses 8,167 7,715 16,051 15,233
Income before income taxes 2,426 2,159 5,482 4,243
Provision for federal income taxes 300 287 535 544
Net income $ 2,126 $ 1,872 $ 4,947 $ 3,699
Earnings per share of common stock $ 0.74 $ 0.66 $ 1.73 $ 1.3
Cash dividends paid per share $ 0.29 $ 0.28 $ 0.57 $ 0.56
Weighted average shares outstanding 2,853,795 2,850,377 2,851,981 2,850,532