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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income        
Loans, including fees $ 14,099 $ 13,699 $ 27,672 $ 26,989
Investment securities 1,893 1,794 3,591 3,788
Federal funds sold, deposits with other banks and short term investments 44 48 98 332
Total interest income 16,036 15,541 31,361 31,109
Interest expense        
Deposits 569 1,403 1,223 3,621
Federal Home Loan Bank Advances 115 211 230 468
Paycheck Protection Program Liquidity Facility 25 87 93 87
Other borrowings 258 299 515 688
Total interest expense 967 2,000 2,061 4,864
Net interest income 15,069 13,541 29,300 26,245
Provision for loan losses 0 2,200 500 4,156
Net interest income after provision for loan losses 15,069 11,341 28,800 22,089
Noninterest income        
Gain on sale of SBA loans 1,263 46 2,735 255
Gain on sale of securities 141 0 137 293
BOLI Income 222 160 430 311
Other 189 469 367 583
Total noninterest income 7,751 4,843 16,352 9,404
Noninterest expense        
Salaries and employee benefits 10,126 7,729 20,081 15,227
Occupancy and equipment 1,245 1,316 2,571 2,634
Acquisition related expenses 865 220 1,040 507
Information technology expenses 1,856 1,380 3,448 2,696
Professional fees 690 480 1,177 862
Advertising and public relations 566 385 1,146 1,020
Communications 308 229 527 420
FHLB prepayment penalty 0 276 0 276
Other 1,809 1,360 3,229 3,111
Total noninterest expense 17,465 13,375 33,219 26,753
Income before income taxes 5,355 2,809 11,933 4,740
Income taxes 1,358 595 3,016 923
Net income $ 3,997 $ 2,214 $ 8,917 $ 3,817
Earnings per common share:        
Basic (in dollars per share) $ 0.42 $ 0.23 $ 0.94 $ 0.40
Diluted (in dollars per share) 0.42 0.23 0.94 0.40
Dividends declared per share (in dollars per share) $ 0.1025 $ 0.10 $ 0.21 $ 0.20
Weighted average common shares outstanding:        
Basic (in shares) 9,498,783 9,498,783 9,498,783 9,498,783
Diluted (in shares) 9,498,783 9,498,783 9,498,783 9,498,783
Service charges on deposits        
Noninterest income        
Noninterest income $ 1,264 $ 1,091 $ 2,486 $ 2,590
Mortgage fee income        
Noninterest income        
Noninterest income 3,005 1,827 7,000 3,089
Interchange fees        
Noninterest income        
Noninterest income $ 1,667 $ 1,250 $ 3,197 $ 2,283