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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income        
Loans, including fees $ 13,743 $ 13,654 $ 40,733 $ 36,437
Investment securities 1,747 2,338 5,536 7,078
Deposits with other banks and short term investments 52 206 384 810
Total interest income 15,542 16,198 46,653 44,325
Interest expense        
Deposits 1,144 2,815 4,766 7,569
Federal Home Loan Bank Advances 159 269 626 775
Paycheck Protection Program Liquidity Facility 118 0 205 0
Other borrowings 273 458 962 1,127
Total interest expense 1,694 3,542 6,559 9,471
Net interest income 13,848 12,656 40,094 34,854
Provision for loan losses 1,106 214 5,262 524
Net interest income after provision for loan losses 12,742 12,442 34,832 34,330
Noninterest income        
Gain on sale of SBA loans 748 0 1,004 0
Gain on sale of securities 716 34 1,009 99
BOLI Income 237 124 548 405
Other 579 70 1,032 1,152
Total noninterest income 7,554 4,030 16,829 10,350
Noninterest expense        
Salaries and employee benefits 9,104 7,186 24,331 18,848
Occupancy and equipment 1,338 1,290 3,972 3,459
Acquisition related expenses 207 861 714 2,610
Information technology expenses 1,440 1,196 4,135 3,158
Professional fees 481 558 1,343 1,369
Advertising and public relations 459 677 1,478 1,370
Communications 212 196 631 538
Writedown of building 582 0 582 0
FHLB prepayment penalty 925 0 925 0
Other 1,565 1,393 4,827 4,046
Noninterest Expenses 16,313 13,357 42,938 35,398
Income before income taxes 3,983 3,115 8,723 9,282
Income taxes 884 597 1,807 1,827
Net income $ 3,099 $ 2,518 $ 6,916 $ 7,455
Earnings per common share:        
Basic (in dollars per share) $ 0.33 $ 0.27 $ 0.73 $ 0.83
Diluted (in dollars per share) $ 0.33 $ 0.27 $ 0.73 $ 0.83
Weighted average number of common shares        
Weighted average basic shares outstanding (in shares) 9,498,783 9,494,771 9,498,783 9,008,196
Weighted average diluted shares outstanding (in shares) 9,498,783 9,494,771 9,498,783 9,008,196
Service charges on deposits        
Noninterest income        
Noninterest income $ 1,316 $ 1,546 $ 3,906 $ 3,997
Mortgage fee income        
Noninterest income        
Noninterest income 2,616 1,255 5,706 1,942
Interchange fees        
Noninterest income        
Noninterest income $ 1,342 $ 1,001 $ 3,624 $ 2,755