Revenue during the quarter dropped 7.39 percent to $6.23 million from $6.72 million in the previous year period. Non-interest income for the quarter fell 50.10 percent over the last year period to $0.49 million.

Net interest margin contracted 7 basis points to 3.05 percent in the quarter from 3.12 percent in the last year period. Efficiency ratio for the quarter improved to 49.48 percent from 58.66 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

E.L. Spencer, Jr., president and chief executive officer and chairman of the board, commented: "We are pleased to report record earnings for the full year 2016. Despite a challenging low rate environment for most of 2016, the Company was able to report its seventh consecutive annual increase in earnings per share. This achievement is a testament to our directors, officers, and employees and their continued dedication and service to our customers and communities."

Return on average assets moved up 5 basis points to 1 percent in the quarter from 0.95 percent in the last year period. At the same time, return on average equity increased 2 basis points to 9.61 percent in the quarter from 9.59 percent in the last year period.

Nonperforming assets moved down 14.97 percent or $0.44 million to $2.52 million on Dec. 31, 2016 from $2.97 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.30 percent in the quarter, down from 0.36 percent in the last year period.

Book value per share was $22.55 for the quarter, up 2.78 percent or $0.61 compared to $21.94 for the same period last year.