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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 and dividend income:        
Interest and fees on loans $ 14,972 $ 12,841 $ 43,123 $ 36,810
Interest and dividends on securities 200 406 717 1,230
Interest on short-term investments 6 69 81 136
Total interest and dividend income 15,178 13,316 43,921 38,176
Interest expense:        
Interest on deposits 1,075 1,691 4,164 4,659
Interest on borrowings 108 568 655 1,701
Total interest expense 1,183 2,259 4,819 6,360
Net interest and dividend income 13,995 11,057 39,102 31,816
Provision for loan losses 760 833 4,731 3,649
Net interest and dividend income after provision for loan losses 13,235 10,224 34,371 28,167
Noninterest income:        
Customer service fees on deposit accounts 382 404 998 1,089
Service charges and fees - other 252 450 973 1,368
Gain on sale of securities, net       113
Bank owned life insurance income 234 175 584 526
Other income 43 11 70 46
Total noninterest income 911 1,040 2,625 3,142
Noninterest expense:        
Salaries and employee benefits 5,929 4,478 17,130 13,046
Occupancy expense 384 373 1,254 1,567
Equipment expense 151 105 432 320
Data processing 227 188 623 542
Marketing expense 46 115 181 239
Professional fees 464 120 1,217 1,038
Directors' compensation 177 188 542 557
Software depreciation and implemenation 256 173 694 518
Write down of asset receivables 1,307   1,807  
Other 745 720 2,473 2,262
Total noninterest expense 9,686 6,460 26,353 20,089
Income before income tax expense 4,460 4,804 10,643 11,220
Income tax expense 1,258 1,295 2,960 2,962
Net income $ 3,202 $ 3,509 $ 7,683 $ 8,258
Earnings per share:        
Basic [1] $ 0.18 $ 0.19 $ 0.42 $ 0.44
Diluted [1] $ 0.18 $ 0.19 $ 0.42 $ 0.44
Weighted Average Shares:        
Basic [1] 18,185,995 18,786,692 18,149,745 18,758,905
Diluted [1] 18,222,766 18,965,924 18,184,550 18,874,800
[1] Amounts related to periods prior to the date of the Conversion (October 16, 2019) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (2.0212-to-one).