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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest Income:        
Interest and fees on loans $ 8,648 $ 8,397 $ 25,733 $ 24,114
Interest on investment securities 439 351 1,360 809
Interest on deposits in FRB 1,330 806 4,052 1,870
Total interest income 10,417 9,554 31,145 26,793
Interest Expense:        
Interest on deposits 950 579 2,675 1,517
Interest on other borrowed funds 111 112 352 311
Total interest expense 1,061 691 3,027 1,828
Net Interest Income 9,356 8,863 28,118 24,965
Provision (Recovery of Provision) for Credit Losses 5 (373) 15 (1,699)
Net Interest Income after Provision (Recovery of Provision) for Credit Losses 9,351 9,236 28,103 26,664
Noninterest Income:        
Customer service fees 839 815 2,479 2,787
Increase in cash surrender value of bank-owned life insurance 147 132 438 389
Gain (loss) on fair value of marketable equity securities 18 (35) 128 (114)
Gain on proceeds from bank-owned life insurance 0 0 0 171
Gain (loss) on fair value of junior subordinated debentures 660 (262) 1,571 (923)
Loss on dissolution of real estate investment trust (1) 0 (115) 0
(Loss) gain on sale of assets (5) 0 1 29
Other 195 199 603 601
Total noninterest income 1,853 849 5,105 2,940
Noninterest Expense:        
Salaries and employee benefits 2,775 2,826 8,307 8,798
Occupancy expense 829 848 2,450 2,448
Data processing 151 74 402 286
Professional fees 864 620 2,423 1,760
Regulatory assessments (37) 87 138 248
Director fees 95 78 281 239
Correspondent bank service charges 14 15 42 48
Loss on California tax credit partnership 0 5 0 14
Net cost on operation and sale of OREO 71 30 223 129
Other 573 560 1,677 1,489
Total noninterest expense 5,335 5,143 15,943 15,459
Income Before Provision for Taxes 5,869 4,942 17,265 14,145
Provision for Taxes on Income 1,696 1,424 4,989 4,077
Net Income $ 4,173 $ 3,518 $ 12,276 $ 10,068
Net Income per common share        
Basic (in dollars per share) $ 0.25 $ 0.21 $ 0.72 $ 0.60
Diluted (in dollars per share) $ 0.25 $ 0.21 $ 0.72 $ 0.59
Shares on which net income per common shares were based        
Basic (in shares) 16,953,744 16,902,218 16,950,474 16,897,524
Diluted (in shares) 16,990,162 16,954,053 16,981,619 16,933,477