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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME        
Loans receivable, including fees $ 8,289 $ 7,267 $ 24,020 $ 19,752
Securities 1,605 1,239 4,856 3,008
Other 2 22 37 28
Total Interest Income 9,896 8,528 28,913 22,788
INTEREST EXPENSE        
Deposits 828 677 2,392 1,838
Short-term borrowings 82 65 138 142
Other borrowings 116 216 360 669
Total interest expense 1,026 958 2,890 2,649
NET INTEREST INCOME 8,870 7,570 26,023 20,139
PROVISION FOR LOAN LOSSES 600 450 1,800 1,600
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 8,270 7,120 24,223 18,539
OTHER INCOME        
Service charges and fees 1,105 829 3,056 2,000
Income from fiduciary activities 160 126 395 342
Net realized gains on sales of securities 129   167 269
Gains on sale of loans, net     67 54
Gain on sale of deposits     209  
Earnings and proceeds on bank owned life insurance 320 283 850 616
Other 144 161 414 408
Total other income 1,858 1,399 5,158 3,689
OTHER EXPENSES        
Salaries and employee benefits 3,209 3,070 9,639 7,620
Occupancy, furniture & equipment, net 799 755 2,519 1,736
Data processing and related operations 354 423 1,022 949
Taxes, other than income 233 205 693 535
Professional fees 217 185 706 516
Federal Deposit Insurance Corporation insurance 97 170 283 402
Foreclosed real estate 303 119 1,028 582
Amortization of intangibles 35 34 115 81
Merger related   1,659   1,664
Other 992 1,059 2,979 2,471
Total other expenses 6,239 7,679 18,984 16,556
INCOME BEFORE INCOME TAXES 3,889 840 10,397 5,672
INCOME TAX EXPENSE 948 228 2,356 1,307
NET INCOME $ 2,941 $ 612 $ 8,041 $ 4,365
BASIC EARNINGS PER SHARE [1] $ 0.47 $ 0.10 $ 1.29 $ 0.77
DILUTED EARNINGS PER SHARE [1] $ 0.47 $ 0.10 $ 1.28 $ 0.77
[1] Per share data has been restated to give retroactive effect to the 50% stock dividend declared on August 8, 2017.