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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - 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, including fees $ 34,844 $ 31,208 $ 100,655 $ 84,277
Securities:        
Taxable 606 1,554 2,615 2,161
Tax-exempt       11
Money market funds   38 34 112
Overnight deposits 299 2,436 2,266 5,957
Other interest and dividends 196 260 666 796
Total interest income 35,945 35,496 106,236 93,314
Interest expense:        
Deposits 2,681 7,881 11,364 18,463
Borrowed funds 423 943 1,742 3,369
Trust preferred securities interest expense 112 214 461 699
Subordinated debt interest expense 405 405 1,214 1,215
Total interest expense 3,621 9,443 14,781 23,746
Net interest income 32,324 26,053 91,455 69,568
Provision for loan losses 1,137 2,004 7,693 1,923
Net interest income after provision for loan losses 31,187 24,049 83,762 67,645
Non-interest income:        
Service charges on deposit accounts 863 852 2,747 2,579
Prepaid third-party debit card income 2,572 1,482 6,301 4,161
Other service charges and fees 202 349 1,238 940
Unrealized gain on equity securities   17 55 87
Gain on sale of securities     3,286  
Total non-interest income 3,637 2,700 13,627 7,767
Non-interest expense:        
Compensation and benefits 9,944 7,875 29,962 23,286
Bank premises and equipment 2,111 1,790 6,498 4,473
Professional fees 1,221 906 3,058 2,617
Licensing fees and technology costs 2,960 3,526 10,226 7,529
Other expenses 2,694 1,398 6,984 5,008
Total non-interest expense 18,930 15,495 56,728 42,913
Net income before income tax expense 15,894 11,254 40,661 32,499
Income tax expense 5,111 3,571 12,971 10,228
Net income $ 10,783 $ 7,683 $ 27,690 $ 22,271
Earnings per common share:        
Basic earnings per common share (in dollars per share) $ 1.30 $ 0.92 $ 3.34 $ 2.69
Diluted earnings per common share (in dollars per share) $ 1.27 $ 0.90 $ 3.27 $ 2.63