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Consolidated Statements Of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income        
Loans and leases, including fees $ 9,759 $ 8,112 $ 19,511 $ 15,602
Securities 42 43 85 85
FHLB and FRB stock dividends 50 53 94 107
Federal funds sold and other 17 297 124 652
Total interest and dividend income 9,868 8,505 19,814 16,446
Interest expense        
Deposits 3,001 2,876 6,317 5,309
FHLB advances and other debt 344 144 604 295
Subordinated debentures 240 256 487 513
Total interest expense 3,585 3,276 7,408 6,117
Net interest income 6,283 5,229 12,406 10,329
Provision for loan and lease losses 3,125 3,125
Net interest income after provision for loan and lease losses 3,158 5,229 9,281 10,329
Noninterest income        
Service charges on deposit accounts 139 138 290 262
Net gains on sales of loans 19,625 2,362 22,469 3,865
Swap fee income 14   407  
Earnings on bank owned life insurance 36 35 71 69
Other 42 30 63 63
Total noninterest income 19,856 2,565 23,300 4,259
Noninterest expense        
Salaries and employee benefits 6,250 2,643 9,295 5,144
Occupancy and equipment 247 228 500 446
Data processing 427 293 874 609
Franchise and other taxes 184 106 363 212
Professional fees 1,182 356 2,187 644
Director fees 221 133 379 264
Postage, printing and supplies 58 59 116 126
Advertising and marketing 1,248 616 2,523 1,242
Telephone 52 45 106 90
Loan expenses 65 45 162 91
Foreclosed assets, net       (9)
Depreciation 94 78 180 149
FDIC premiums 134 152 291 304
Regulatory assessment 45 40 90 82
Other insurance 27 24 54 47
Other 79 113 237 184
Total noninterest expense 10,313 4,931 17,357 9,625
Income before incomes taxes 12,701 2,863 15,224 4,963
Income tax expense 2,633 583 3,150 1,002
Net income 10,068 2,280 12,074 3,961
Accretion of discount and value of warrants exercised related to Series B preferred stock [1]   157   183
Earnings allocated to participating securities (Series C preferred stock) (1,218)   (1,866)  
Net income attributable to common stockholders $ 8,850 $ 2,437 $ 10,208 $ 4,144
Earnings per common share:        
Basic $ 1.54 $ 0.55 $ 1.84 $ 0.95
Diluted $ 1.53 $ 0.55 $ 1.82 $ 0.93
[1] All outstanding warrants expired on July 15, 2019.