v3.7.0.1

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest income
Loans	$ 805,885	$ 830,213
Investment securities	6,734	68,198
Federal funds sold and other	38,143	16,641
Total interest income	850,762	915,052
Interest expense
Deposits	79,039	78,614
Borrowings	5,337	18
Total interest expense	84,376	78,632
Net interest income	766,386	836,420
Provision (reversal of provision) for loan losses	191,149	(68,000)
Net interest income after provision for loan losses	575,237	904,420
Non-interest income
Service fees on deposit accounts	25,347	25,203
Residential loan origination fees	50,620	44,155
SBA loan fees		119,306
Other income	31,407	9,771
Total non-interest income	107,374	198,435
Non-interest expenses
Compensation and benefits	632,405	660,107
Real estate owned activity	45,566	9,096
Occupancy and equipment	132,068	154,874
Insurance	60,216	57,974
Data processing and related costs	113,816	87,872
Professional fees	196,394	227,688
Product research and development expense		100,482
Other	149,962	105,192
Total non-interest expenses	1,330,427	1,403,285
Loss before income tax expense	(647,816)	(300,430)
Income tax expense
Net loss	(647,816)	(300,430)
Other comprehensive income, net of tax
Unrealized gain on investment securities available for sale,	2,457	71,021
Reclassification adjustment included in net income, net of tax
Other comprehensive income	2,457	71,021
Total comprehensive loss	$ (645,359)	$ (229,409)
Net loss per common share - basic and diluted	$ (0.03)	$ (0.01)
Weighted average common shares outstanding - basic and diluted	20,502,760	20,502,760

This element comprises of insurance premium paid to the Federal Deposit Insurance Corporation and OCC (Office of the Comptroller of the Currency). Also includes premium paid on account of Bond and Directors & Officers Liability Insurance and other insurances charges recorded as part of non-interest expenditure.

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Independence Bancshares, Inc. 10-Q