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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income        
Loans, including fees $ 16,013 $ 13,743 $ 43,684 $ 40,733
Investment securities 2,954 1,747 6,546 5,536
Federal funds sold, interest bearing deposits in banks and short term investments 58 52 154 384
Total interest income 19,025 15,542 50,384 46,653
Interest expense        
Deposits 698 1,144 1,921 4,766
Federal Home Loan Bank Advances 170 159 401 626
Paycheck Protection Program Liquidity Facility 0 118 93 205
Other borrowings 289 273 802 962
Total interest expense 1,157 1,694 3,217 6,559
Net interest income 17,868 13,848 47,167 40,094
Provision for loan losses 150 1,106 650 5,262
Net interest income after provision for loan losses 17,718 12,742 46,517 34,832
Noninterest income        
Gain on sales of SBA loans 1,813 748 4,548 1,004
Gain on sales of securities 0 716 137 1,009
BOLI Income 280 237 710 548
Other 701 579 754 1,032
Total noninterest income 9,438 7,554 25,475 16,829
Noninterest expense        
Salaries and employee benefits 11,826 9,103 31,907 24,331
Occupancy and equipment 1,599 1,338 4,169 3,972
Acquisition related expenses 1,994 207 3,031 714
Information technology expenses 2,045 1,440 5,493 4,135
Professional fees 804 481 1,975 1,343
Advertising and public relations 674 459 1,817 1,478
Communications 310 212 837 631
Writedown of building 0 582 0 582
FHLB prepayment penalty 0 925 0 925
Other 1,959 1,566 4,884 4,827
Total noninterest expense 21,211 16,313 54,113 42,938
Income before income taxes 5,945 3,983 17,879 8,723
Income taxes 362 884 3,379 1,807
Net income $ 5,583 $ 3,099 $ 14,500 $ 6,916
Earnings per common share:        
Basic (in dollars per share) $ 0.45 $ 0.33 $ 1.39 $ 0.73
Diluted (in dollars per share) 0.45 0.33 1.39 0.73
Dividends declared per share (in dollars per share) $ 0.1025 $ 0.10 $ 0.3075 $ 0.30
Weighted average common shares outstanding:        
Basic (in shares) 12,344,926 9,498,783 10,447,496 9,498,783
Diluted (in shares) 12,344,926 9,498,783 10,447,496 9,498,783
Service charges on deposits        
Noninterest income        
Noninterest income $ 1,792 $ 1,316 $ 4,278 $ 3,906
Mortgage fee income        
Noninterest income        
Noninterest income 3,107 2,616 10,107 5,706
Interchange fees        
Noninterest income        
Noninterest income $ 1,745 $ 1,342 $ 4,941 $ 3,624