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Consolidated Statements of Income - 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        
Loans receivable $ 18,754 $ 17,902 $ 55,566 $ 49,965
Investment securities 2,604 2,732 8,100 7,591
Federal Home Loan Bank stock 180 144 536 460
Deposits with financial institutions 79 58 235 188
Total interest and dividend income 21,617 20,836 64,437 58,204
Interest Expense        
Deposits 3,960 2,892 11,434 7,538
Federal Home Loan Bank advances 1,175 1,302 3,933 3,438
Other 237 225 739 619
Total interest expense 5,372 4,419 16,106 11,595
Net Interest Income 16,245 16,417 48,331 46,609
Provision for loan losses 425 570 1,375 1,520
Net Interest Income After Provision for Loan Losses 15,820 15,847 46,956 45,089
Non-interest Income        
Net realized gain on sales of available for sale securities 109 406 975 666
Net gains on sales of loans 1,778 853 4,149 2,224
Net servicing fees 158 129 446 433
Increase in cash value of life insurance 312 313 939 924
Gain (loss) on sale of other real estate and repossessed assets 28 23 (30) (34)
Other income 236 170 604 766
Total non-interest income 5,849 5,039 16,638 14,277
Non-interest Expenses        
Salaries and employee benefits 8,826 8,152 25,927 24,069
Net occupancy expenses 1,005 1,087 3,045 2,979
Equipment expenses 574 635 1,805 1,889
Data processing fees 680 669 1,970 1,938
ATM and debit card expenses 590 664 1,750 1,708
Deposit insurance (3) 209 413 691
Professional fees 484 460 1,364 1,714
Advertising and promotion 296 416 970 1,275
Software subscriptions and maintenance 723 702 2,308 1,987
Intangible amortization 187 316 601 854
Other real estate and repossessed assets 47 51 170 140
Other expenses 1,074 1,213 3,363 4,470
Total non-interest expenses 14,483 14,574 43,686 43,714
Income Before Income Tax 7,186 6,312 19,908 15,652
Income tax expense 1,052 910 2,785 2,079
Net Income $ 6,134 $ 5,402 $ 17,123 $ 13,573
Earnings Per Common Share        
Basic $ 0.72 $ 0.63 $ 2.00 $ 1.63
Diluted 0.71 0.62 1.97 1.60
Dividends Per Common Share $ 0.20 $ 0.18 $ 0.60 $ 0.54
Service Fees [Member]        
Non-interest Income        
Non-interest income $ 2,081 $ 2,024 $ 5,930 $ 5,547
Commissions [Member]        
Non-interest Income        
Non-interest income $ 1,147 $ 1,121 $ 3,625 $ 3,751