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Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Loans:        
Taxable $ 7,975 $ 7,070 $ 22,819 $ 20,358
Tax-exempt 23 26 71 78
Investment securities:        
Taxable 945 1,444 3,335 4,430
Tax-exempt 814 905 2,491 2,756
Total interest income 9,757 9,445 28,716 27,622
Interest expense:        
Deposits 354 1,433 1,798 4,144
Borrowings 136 353 534 1,142
Total interest expense 490 1,786 2,332 5,286
Net interest income 9,267 7,659 26,384 22,336
Provision for loan losses 1,000 400 2,600 1,000
Net interest income after provision for loan losses 8,267 7,259 23,784 21,336
Non-interest income:        
Fees and service charges 2,122 2,057 5,838 5,677
Gains on sales of loans, net [1] 4,944 2,081 10,961 4,943
Bank owned life insurance [1] 152 159 460 478
(Losses)/gains on sales of investment securities, net 678 2,448 (146)
Other 269 258 783 847
Total non-interest income 8,165 4,555 20,490 11,799
Non-interest expense:        
Compensation and benefits 5,559 4,678 15,394 13,072
Occupancy and equipment 1,106 1,207 3,248 3,369
Professional fees 381 446 1,095 1,285
Data processing 447 405 1,311 1,233
Amortization of intangibles 465 332 1,166 887
Advertising 150 166 451 501
Federal deposit insurance premiums 64 (66) 166 71
Foreclosure and real estate owned expense 68 75 110 142
Other 1,282 1,375 3,804 3,751
Total non-interest expense 9,522 8,618 26,745 24,311
Earnings before income taxes 6,910 3,196 17,529 8,824
Income tax expense 1,483 583 3,639 1,430
Net earnings $ 5,427 $ 2,613 $ 13,890 $ 7,394
Earnings per share:        
Basic (1) [2],[3] $ 1.21 $ 0.57 $ 3.07 $ 1.61
Diluted (1) [2],[3] 1.20 0.57 3.06 1.61
Dividends per share (1) [2] $ 0.20 $ 0.19 $ 0.60 $ 0.57
[1] Not within the scope of ASC 606.
[2] Per share amounts for the periods ended September 30, 2019 have been adjusted to give effect to the 5% stock dividend paid during December 2019.
[3] Share and per share values for the periods ended September 30, 2019 have been adjusted to give effect to the 5% stock dividend paid during December 2019.