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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and dividend income:        
Loans, including fees $ 3,029 $ 2,841 $ 9,067 $ 8,289
Securities 143 146 451 432
Short-term investments 4 2 15 5
Total interest and dividend income 3,176 2,989 9,533 8,726
Interest expense:        
Deposits 485 270 1,352 754
Short-term Federal Home Loan Bank advances 14 14 42 35
Long-term Federal Home Loan Bank advances 129 147 412 448
Total interest expense 628 431 1,806 1,237
Net interest and dividend income 2,548 2,558 7,727 7,489
Provision for loan losses 67 111 141 138
Net interest and dividend income, after provision for loan losses 2,481 2,447 7,586 7,351
Non-interest income:        
Customer service fees 157 189 512 539
Mortgage banking income, net 50 61 105 112
Gain on sale of SBA loans   86 15 86
Income from bank-owned life insurance 26 26 78 76
Other 11 12 31 26
Total non-interest income 244 374 741 839
Non-interest expenses:        
Salaries and employee benefits 1,407 1,214 4,282 3,652
Occupancy and equipment expenses 256 262 785 793
Data processing expenses 167 151 548 476
Professional fees 170 123 729 365
Merger related expenses 136   136  
Advertising expenses 88 87 263 263
FDIC insurance 49 42 140 126
Other general and administrative expenses 313 248 941 848
Total non-interest expenses 2,586 2,127 7,824 6,523
Income before income taxes 139 694 503 1,667
Income tax provision 104 269 236 629
Net income $ 35 $ 425 $ 267 $ 1,038
Weighted-average number of common shares outstanding:        
Basic (in shares) 1,765,524 1,745,431 1,761,257 1,748,320
Diluted (in shares) 1,779,120 1,753,009 1,770,565 1,756,740
Earnings per share:        
Basic (in dollars per share) $ 0.02 $ 0.24 $ 0.15 $ 0.59
Diluted (in dollars per share) 0.02 0.24 0.15 0.59
Dividends paid per share (in dollars per share) $ 0.05 $ 0.0475 $ 0.1475 $ 0.1375