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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and Dividend Income        
Loans, including fees $ 12,410 $ 11,170 $ 24,380 $ 21,715
Interest and dividends on investment securities 973 752 1,919 1,515
Interest on deposits with banks 12 6 18 10
Total interest and dividend income 13,395 11,928 26,317 23,240
Interest Expense        
Deposits 1,403 1,182 2,671 2,277
Short-term borrowings 283 49 430 87
Long-term debt 776 802 1,609 1,588
Total interest expense 2,462 2,033 4,710 3,952
Net interest income 10,933 9,895 21,607 19,288
Provision for loan losses 376 564 756 991
Net interest income after provision for loan losses 10,557 9,331 20,851 18,297
Noninterest Income        
Loan appraisal, credit, and miscellaneous charges 9 102 56 163
Gain on sale of asset 47 4 47 4
Net gains (losses) on sale of OREO 9 (448) 36 (443)
Net gain on sale of investment securities 133 39 133 39
Income from bank owned life insurance 194 198 385 394
Service charges 660 882 1,270 1,470
Total noninterest income 1,052 777 1,927 1,627
Noninterest Expense        
Salary and employee benefits 4,198 4,197 8,511 8,349
Occupancy expense 658 636 1,311 1,225
Advertising 140 156 248 219
Data processing expense 634 580 1,211 1,134
Professional fees 598 380 935 805
Depreciation of furniture, fixtures, and equipment 204 206 403 402
Telephone communications 45 46 96 90
Office supplies 28 29 60 72
FDIC insurance 161 184 327 427
OREO valuation allowance and expenses 145 105 340 406
Other 719 773 1,467 1,403
Total noninterest expense 7,530 7,292 14,909 14,532
Income before income taxes 4,079 2,816 7,869 5,392
Income tax expense 1,536 1,078 2,984 2,046
Net income $ 2,543 $ 1,738 $ 4,885 $ 3,346
Earnings Per Common Share        
Basic (in dollars per share) $ 0.55 $ 0.38 $ 1.05 $ 0.73
Diluted (in dollars per share) 0.55 0.38 1.05 0.72
Cash dividends paid per common share (in dollars per share) $ 0.10 $ 0.10 $ 0.20 $ 0.20