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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and dividend income:        
Loans and fees on loans $ 4,797 $ 4,523 $ 14,123 $ 13,116
Taxable investment securities 244 209 744 614
Nontaxable investment securities 75 93 239 295
Dividends on restricted stock 33 31 98 101
Other interest income 68 34 160 79
Total interest and dividend income 5,217 4,890 15,364 14,205
Interest expense:        
Deposits 588 588 1,694 1,629
Subordinated notes 134 134 402 402
Other borrowed funds 58 54 171 221
Total interest expense 780 776 2,267 2,252
Net interest income 4,437 4,114 13,097 11,953
Provision for loan losses 40 111 575 979
Net interest income after provision for loan losses 4,397 4,003 12,522 10,974
Noninterest income:        
Service charges on deposit accounts 120 178 415 496
ATM and interchange income 206 176 612 491
Mortgage banking 263 251 725 607
Gains on sales of investment securities, net 18 43 60 257
Other income 150 187 675 468
Total noninterest income 757 835 2,487 2,319
Noninterest expense:        
Salaries and employee benefits 2,099 1,772 6,153 5,095
Occupancy and equipment expense 391 439 1,245 1,317
Data processing expense 309 237 954 679
ATM processing expense 57 60 180 172
Advertising and marketing expense 112 127 383 345
Professional fees 89 135 454 352
Bank franchise taxes 100 92 299 275
FDIC insurance expense 78 89 181 247
Losses on sales and write-downs of other real estate owned, net 380 91
Operating expenses 28 25 66 72
Directors’ fees 97 98 306 307
Other expense 444 412 1,308 1,161
Total noninterest expense 3,804 3,486 11,909 10,113
Net income before income taxes 1,350 1,352 3,100 3,180
Income tax expense 413 416 930 1,203
Net income 937 936 2,170 1,977
Less net income attributable to non-controlling interest 20 33 54 49
Net income attributable to HomeTown Bankshares Corporation 917 903 2,116 1,928
Effective dividends on preferred stock 408
Net income available to common stockholders $ 917 $ 903 $ 2,116 $ 1,520
Basic earnings per common share (in dollars per share) $ 0.16 $ 0.16 $ 0.37 $ 0.36
Diluted earnings per common share (in dollars per share) $ 0.16 $ 0.16 $ 0.37 $ 0.26
Weighted average common shares outstanding (in shares) 5,770,175 5,763,944 5,767,602 4,279,821
Diluted weighted average common shares outstanding (in shares) 5,794,777 5,774,086 5,792,204 5,776,632