HVBC 2016 Annual Report

52 HV Bancorp, Inc. and Subsidiary Consolidated Statements of Income (Dollars in thousands, except per share) Year ended June 30, 2017 2016 Interest Income Interest and fees on loans $ 4,523 $ 4,446 Interest and dividends on investments: Taxable 376 205 Nontaxable 198 163 Interest on mortgage-backed securities and collateralized mortgage obligations 274 375 Interest on interest-earning deposits 363 113 Total Interest Income 5,734 5,302 Interest Expense Interest on deposits 741 649 Interest on advances from the Federal Home Loan Bank 147 94 Interest on securities sold under agreements to repurchase 3 3 Total Interest Expense 891 746 Net Interest Income 4,843 4,556 Provision for Loan Losses 201 9 Net Interest Income After Provision for Loan Losses 4,642 4,547 Non-Interest Income Fees for customer services 204 210 Increase in cash surrender value of bank owned life insurance 110 112 Gain on sale of loans, net 5,515 4,116 Gain on sale of available-for-sale securities 18 21 (Loss) gain from hedging instruments (337) 504 Change in fair value of loans held-for-sale (578) 384 Other 10 11 Total Non-Interest Income 4,942 5,358 Non-Interest Expense Salaries and employee benefits 5,021 4,669 Occupancy 1,014 977 Federal deposit insurance premiums 125 160 Data processing related operations 582 508 Loss on sale of other real estate owned 12 20 Real estate owned expense 19 274 Professional fees 698 561 Other expenses 1,349 1,185 Total Non-Interest Expense 8,820 8,354 Income Before Income Taxes 764 1,551 Income Tax Expense 195 525 Net Income $ 569 $ 1,026 Net Income per share: Basic $ 0.56 $ N/A Diluted $ 0.56 $ N/A See the accompanying notes to the consolidated financial statements.