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Consolidated Statements Of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Interest and dividend income    
Loans and leases, including fees $ 41,851 $ 33,778
Securities 161 172
FHLB and FRB stock dividends 199 207
Federal funds sold and other 175 947
Total interest and dividend income 42,386 35,104
Interest expense    
Deposits 11,911 11,684
FHLB advances and other debt 1,729 704
Subordinated debentures 938 1,016
Total interest expense 14,578 13,404
Net interest income 27,808 21,700
Provision for loan and lease losses 10,915
Net interest income after provision for loan and lease losses 16,893 21,700
Noninterest income    
Service charges on deposit accounts 633 553
Net gains on sales of loans 58,366 10,767
Earnings on bank owned life insurance 145 142
Swap fee income 651 162
Other 198 96
Total noninterest income 59,993 11,720
Noninterest expense    
Salaries and employee benefits 21,987 11,170
Occupancy and equipment 1,077 965
Data processing 1,812 1,350
Franchise and other taxes 740 454
Professional fees 5,070 1,855
Director fees 648 547
Postage, printing and supplies 172 225
Advertising and marketing 5,624 2,829
Telephone 219 201
Loan expenses 304 232
Foreclosed assets, net (9)
Depreciation 381 316
FDIC premiums 588 529
Regulatory assessment 181 165
Other insurance 106 99
Other 1,694 451
Total noninterest expense 40,603 21,379
Loss before income tax and before undistributed subsidiary income 36,283 12,041
Income tax expense 6,675 2,440
Net income 29,608 9,601
Accretion of discount and value of warrants exercised related to Series B preferred stock [1]   219
Earnings allocated to participating securities (Series C preferred stock) [2] (2,280) (430)
Net income attributable to common stockholders $ 27,328 $ 9,390
Earnings per common share:    
Basic $ 4.53 $ 2.05
Diluted $ 4.47 $ 2.03
[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.