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New words:
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Financial report summary
?Management Discussion
- For the year ended December 31, 2019, net income was $5.29 million, up $640 thousand from net income of $4.65 million for 2018. The increase in net income is primarily due to an increase in net interest income and noninterest income. Net interest income for 2019 increased $2.0 million to $20.58 million due primarily to a $3.08 million increase in interest income and fees on loans offset by a $1.13 million increase in interest expense compared with last year. Noninterest income for 2019 increased $610 thousand mainly due higher income from insurance services, net gains on the sale of fixed assets, and net gains on the sale of securities. These gains were partially offset by a $1.47 million increase in noninterest expense due mostly to higher employee, equipment, data processing, professional fees, and postemployment benefits. Provision for income taxes increased $478 thousand compared with last year, primarily due to a $1.92 million reversal of deductible timing differences in tax basis depreciation expense. Net income was $2.08 per diluted share for 2019 compared with a net income of $1.83 per diluted share for 2018.