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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Loans and fees on loans $ 4,703 $ 4,337 $ 9,327 $ 8,593
Taxable investment securities 260 201 500 405
Nontaxable investment securities 76 101 164 202
Dividends on restricted stock 33 36 65 70
Other interest income 50 26 92 45
Total interest and dividend income 5,122 4,701 10,148 9,315
Interest expense:        
Deposits 552 537 1,106 1,041
Subordinated notes 134 134 268 268
Other borrowed funds 60 70 114 167
Total interest expense 746 741 1,488 1,476
Net interest income 4,376 3,960 8,660 7,839
Provision for loan losses 465 808 535 868
Net interest income after provision for loan losses 3,911 3,152 8,125 6,971
Noninterest income:        
Service charges on deposit accounts 146 164 296 318
ATM and interchange income 228 168 406 315
Mortgage banking 255 181 462 356
Gains on sales of investment securities, net 29 209 42 214
Other income 375 151 525 281
Total noninterest income 1,033 873 1,731 1,484
Noninterest expense:        
Salaries and employee benefits 2,064 1,597 4,053 3,323
Occupancy and equipment expense 439 444 854 878
Data processing expense 318 210 645 442
ATM processing expense 61 58 123 112
Advertising and marketing expense 142 124 272 218
Professional fees 132 116 365 217
Bank franchise taxes 99 91 199 183
FDIC insurance expense 71 75 103 158
Losses on sales and write-downs of other real estate owned, net 380 91 380 91
Operating expenses 24 25 37 47
Directors’ fees 108 102 209 209
Other expense 474 432 865 749
Total noninterest expense 4,312 3,365 8,105 6,627
Net income before income taxes 632 660 1,751 1,828
Income tax expense 176 434 518 787
Net income 456 226 1,233 1,041
Less net income attributable to non-controlling interest 22 2 34 16
Net income attributable to HomeTown Bankshares Corporation 434 224 1,199 1,025
Effective dividends on preferred stock 204 408
Net income available to common stockholders $ 434 $ 20 $ 1,199 $ 617
Basic earnings per common share (in dollars per share) $ 0.08 $ 0 [1] $ 0.21 $ 0.17 [1]
Diluted earnings per common share (in dollars per share) $ 0.08 $ 0 [1] $ 0.21 $ 0.11 [1]
Weighted average common shares outstanding (in shares) 5,768,670 3,557,763 [1] 5,766,041 3,529,605 [1]
Diluted weighted average common shares outstanding (in shares) 5,789,905 5,780,122 [1] 5,787,276 5,776,832 [1]
[1] Restated for 4% common stock dividend distributed July 11, 2016.