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Condensed Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST INCOME        
Loans, including fees $ 6,050 $ 5,537 $ 18,053 $ 16,222
Interest and dividends on investments, cash and cash equivalents 98 39 279 141
Total interest income 6,148 5,576 18,332 16,363
INTEREST EXPENSE        
Deposits 678 662 2,020 1,985
Borrowings 52 23 136 70
Total interest expense 730 685 2,156 2,055
Net interest income 5,418 4,891 16,176 14,308
PROVISION FOR LOAN LOSSES 0 100 250 400
Net interest income after provision for loan losses 5,418 4,791 15,926 13,908
NONINTEREST INCOME        
Service charges and fee income 743 641 1,988 1,958
Earnings on cash surrender value of bank-owned life insurance 84 85 252 253
Mortgage servicing income 223 202 636 671
Fair value adjustment on mortgage servicing rights 16 (22) (174) 147
Loss on sale of securities 0 0 0 (31)
Net gain on sale of loans 477 360 1,028 1,146
Total noninterest income 1,543 1,266 3,730 4,144
NONINTEREST EXPENSE        
Salaries and benefits 2,632 2,251 7,813 6,711
Operations 1,181 1,064 3,237 3,021
Regulatory assessments 124 180 404 476
Occupancy 376 413 1,141 1,186
Data processing 434 378 1,264 1,233
Net loss on OREO and repossessed assets 3 96 9 178
Total noninterest expense 4,750 4,382 13,868 12,805
Income before provision for income taxes 2,211 1,675 5,788 5,247
Provision for income taxes 757 560 1,974 1,677
Net income $ 1,454 $ 1,115 $ 3,814 $ 3,570
Earnings per common share:        
Basic (in dollars per share) $ 0.58 $ 0.45 $ 1.54 $ 1.43
Diluted (in dollars per share) $ 0.57 $ 0.44 $ 1.48 $ 1.38
Weighted average number of common shares outstanding:        
Basic (in shares) 2,490,089 2,465,371 2,483,004 2,500,088
Diluted (in shares) 2,568,457 2,552,229 2,556,949 2,585,736