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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
INTEREST INCOME    
Loans receivable, including fees $ 18,160 $ 11,900
Securities:    
Taxable 1,175 736
Tax-exempt 448 381
Interest bearing deposits 49 30
Total Interest Income 19,832 13,047
INTEREST EXPENSE    
Deposits 3,864 1,458
Borrowings 1,214 506
Subordinated debentures 315 315
Total Interest Expense 5,393 2,279
Net Interest Income 14,439 10,768
PROVISION FOR LOAN LOSSES 571 508
Net Interest Income after Provision for Loan Losses 13,868 10,260
OTHER INCOME    
Service fees on deposit accounts 330 328
ATM and debit card fees 231 213
Bank-owned life insurance 230 185
Insurance commissions and fees 2,562 1,895
Investment brokerage fees 56 22
Other 224 214
Total Other Income 3,633 2,857
OTHER EXPENSES    
Salaries and employee benefits 6,130 5,058
Occupancy, net 779 602
Data processing 940 791
Furniture and equipment 318 281
Advertising and promotion 132 56
Professional fees 462 329
Director fees 145 147
FDIC assessment 166 110
Insurance 30 95
Stationary and supplies 84 57
Merger-related expenses 0 3,293
Loan collection costs 120 61
Net expenses and write-downs related to foreclosed real estate 65 207
Amortization of intangible assets 102 61
Other 705 446
Total Other Expenses 10,178 11,594
Income before Income Taxes 7,323 1,523
EXPENSE FOR INCOME TAXES 1,500 215
Net Income 5,823 1,308
OTHER COMPREHENSIVE INCOME:    
Unrealized gain (loss) on available for sale securities arising during the period 2,912 (2,167)
Fair value adjustments on derivatives (1,734) 1,107
Reclassification adjustment for net (gain) on securities transactions included in net income 0 0
Income tax related to items of other comprehensive (loss) income (302) 277
Other comprehensive income (loss), net of income taxes 876 (783)
Comprehensive income $ 6,699 $ 525
EARNINGS PER SHARE    
Basic (in dollars per share) $ 0.62 $ 0.17
Diluted (in dollars per share) $ 0.62 $ 0.17