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Consolidated Statements Of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income        
Loans and leases, including fees $ 10,504 $ 8,588 $ 30,015 $ 24,190
Securities 40 45 125 130
FHLB and FRB stock dividends 51 51 145 158
Federal funds sold and other 22 161 146 813
Total interest and dividend income 10,617 8,845 30,431 25,291
Interest expense        
Deposits 2,803 3,055 9,120 8,364
FHLB advances and other debt 447 206 1,051 501
Subordinated debentures 226 253 713 766
Total interest expense 3,476 3,514 10,884 9,631
Net interest income 7,141 5,331 19,547 15,660
Provision for loan and lease losses 5,750 8,875
Net interest income after provision for loan and lease losses 1,391 5,331 10,672 15,660
Noninterest income        
Service charges on deposit accounts 161 146 451 408
Net gains on sales of loans 23,087 3,070 45,556 6,935
Swap fee income 28   435  
Earnings on bank owned life insurance 36 37 108 106
Other 64 34 126 97
Total noninterest income 23,376 3,287 46,676 7,546
Noninterest expense        
Salaries and employee benefits 7,352 2,865 16,647 8,009
Occupancy and equipment 254 278 754 724
Data processing 434 335 1,308 944
Franchise and other taxes 180 106 543 318
Professional fees 1,358 448 3,545 1,092
Director fees 134 137 513 401
Postage, printing and supplies 19 51 135 177
Advertising and marketing 1,613 647 4,136 1,889
Telephone 59 54 165 144
Loan expenses 72 80 234 171
Foreclosed assets, net       (9)
Depreciation 98 82 278 231
FDIC premiums 150 47 441 351
Regulatory assessment 46 42 136 124
Other insurance 25 25 79 72
Other 123 131 360 315
Total noninterest expense 11,917 5,328 29,274 14,953
Income before incomes taxes 12,850 3,290 28,074 8,253
Income tax expense 2,664 673 5,814 1,675
Net income 10,186 2,617 22,260 6,578
Accretion of discount and value of warrants exercised related to Series B preferred stock [1]   36   219
Earnings allocated to participating securities (Series C preferred stock) [2]     (2,289)  
Net income attributable to common stockholders $ 10,186 $ 2,653 $ 19,971 $ 6,797
Earnings per common share:        
Basic $ 1.56 $ 0.59 $ 3.41 $ 1.54
Diluted $ 1.54 $ 0.59 $ 3.36 $ 1.52
[1] All outstanding warrants expired on July 15, 2019.
[2] All 12,607 outstanding shares of Series C preferred stock were converted into a total of 1,260,700 shares of the Company's Non-Voting Common Stock effective as of the close of business on May 28, 2020.