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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
INTEREST INCOME        
Interest and fees on loans $ 8,646 $ 7,119 $ 16,944 $ 13,794
Interest on investment securities 523 278 1,008 550
Other interest income 18 10 35 20
Total interest income 9,187 7,407 17,987 14,364
INTEREST EXPENSE        
Interest on deposits 1,299 1,050 2,491 2,053
Interest on borrowings 108 108 217 194
Total interest expense 1,407 1,158 2,708 2,247
Net interest income 7,780 6,249 15,279 12,117
Provision for loan losses 400 448 1,100 693
Net interest income after provision for loan losses 7,380 5,801 14,179 11,424
NONINTEREST INCOME        
Service charges on deposit accounts 97 73 191 136
Gain on sale of investment securities, net 134 48 134 165
Gain (loss) on sale of real estate owned, net 7 (5) 6 (7)
Gain on sale of loans, net 1,077 1,031 2,808 1,655
Fee income on loans held for sale, net 210 89 510 165
Other operating income 541 273 957 462
Total noninterest income 2,066 1,509 4,606 2,576
Income before noninterest expense 9,446 7,310 18,785 14,000
NONINTEREST EXPENSE        
Depreciation and amortization 362 328 719 631
Salaries and employee benefits 3,971 3,491 7,879 6,962
Occupancy 225 181 438 406
Data processing 370 308 710 586
Marketing 62 71 120 147
Professional fees 237 197 499 256
Other operating expenses 1,455 1,153 2,741 2,128
Total noninterest expense 6,682 5,729 13,106 11,116
Income before income tax expense 2,764 1,581 5,679 2,884
Income tax expense 951 514 1,916 938
Net income $ 1,813 $ 1,067 $ 3,763 $ 1,946
EARNINGS PER SHARE        
Basic earnings per share $ 0.25 $ 0.27 $ 0.52 $ 0.50
Diluted earnings per share 0.25 0.26 0.52 0.47
Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.02 $ 0.02