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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME        
Interest and fees on loans $ 21,866 $ 20,844 $ 65,653 $ 59,621
Interest on investment securities 1,356 1,848 4,506 5,697
Other interest income 172 162 658 610
Total interest income 23,394 22,854 70,817 65,928
INTEREST EXPENSE        
Interest on deposits 3,404 5,198 12,626 13,988
Interest on borrowings 1,284 1,290 3,811 4,087
Total interest expense 4,688 6,488 16,437 18,075
Net interest income 18,706 16,366 54,380 47,853
Provision for loan losses 2,500 538 8,760 1,172
Net interest income after provision for loan losses 16,206 15,828 45,620 46,681
NONINTEREST INCOME        
Service charges on deposit accounts 441 462 1,417 1,296
Gain on sale of investment securities, net 939 0 2,289 229
Loss on sale of fixed assets, net (5) 0 (5) (11)
Gain on sale of other real estate owned, net 0 1 26 19
Servicing fees and fee income on serviced loans 85 142 301 472
Interchange fees 387 294 1,029 825
Income from bank owned life insurance 234 186 657 508
Change in the fair value of equity securities (31) (9) (609) 220
Other operating income 1,351 542 3,316 1,083
Total noninterest income 3,401 1,618 8,421 4,641
Income before noninterest expense 19,607 17,446 54,041 51,322
NONINTEREST EXPENSE        
Depreciation and amortization 1,203 882 3,385 2,519
Salaries and employee benefits 8,228 7,325 24,753 20,817
Occupancy 604 445 1,671 1,313
Data processing 816 675 2,295 1,855
Marketing 88 86 198 205
Professional fees 343 326 1,166 940
Acquisition expense 52 177 1,058 1,082
Other operating expenses 2,717 1,766 7,912 5,808
Total noninterest expense 14,051 11,682 42,438 34,539
Income before income tax expense 5,556 5,764 11,603 16,783
Income tax expense 1,089 1,107 2,254 3,275
Net income $ 4,467 $ 4,657 $ 9,349 $ 13,508
EARNINGS PER SHARE        
Basic earnings per share (in dollars per share) $ 0.41 $ 0.46 $ 0.85 $ 1.35
Diluted earnings per share (in dollars per share) 0.41 0.46 0.85 1.34
Cash dividends declared per common share (in dollars per share) $ 0.065 $ 0.06 $ 0.1850 $ 0.1676