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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income        
Interest and fees on loans $ 8,502 $ 7,482 $ 24,604 $ 21,855
Interest on debt securities:        
Taxable 409 321 1,271 918
Tax exempt 131 145 373 436
Dividends 24 65 177 160
Interest on federal funds sold and overnight deposits 19 26 130 88
Interest on interest bearing deposits in banks 46 56 153 152
Total interest and dividend income 9,131 8,095 26,708 23,609
Interest expense        
Interest on deposits 1,198 842 3,439 1,949
Interest on borrowed funds 299 244 689 515
Total interest expense 1,497 1,086 4,128 2,464
Net interest income 7,634 7,009 22,580 21,145
Provision for loan losses 150 150 350 300
Net interest income after provision for loan losses 7,484 6,859 22,230 20,845
Noninterest income        
Trust Income 168 195 519 579
Service fees 1,617 1,568 4,547 4,538
Net gains on sales of investment securities available-for-sale 0 0 8 0
Net gains on sales of loans held for sale 824 596 1,881 1,322
Other income 123 93 399 636
Total noninterest income 2,732 2,452 7,354 7,075
Noninterest expenses        
Salaries and wages 3,072 2,745 8,773 8,008
Employee benefits 1,043 1,144 3,097 3,299
Occupancy expense, net 428 338 1,287 1,069
Equipment expense 625 528 1,764 1,574
Other expenses 1,833 1,770 5,400 5,005
Total noninterest expenses 7,001 6,525 20,321 18,955
Income before provision for income taxes 3,215 2,786 9,263 8,965
Provision for income taxes 477 475 1,374 1,457
Net income $ 2,738 $ 2,311 $ 7,889 $ 7,508
Earnings per common share $ 0.62 $ 0.52 $ 1.77 $ 1.68
Weighted average number of common shares outstanding 4,468,400 4,465,882 4,467,845 4,465,741
Dividends per common share $ 0.31 $ 0.30 $ 0.93 $ 0.90