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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Loans, including fees $ 13,699 $ 12,313 $ 26,989 $ 22,783
Investment securities 1,794 2,416 3,788 4,624
Deposits with other banks and short term investments 48 369 332 704
Total interest income 15,541 15,098 31,109 28,111
Interest expense        
Deposits 1,403 2,632 3,621 4,754
Federal Home Loan Bank Advances 211 246 468 506
Paycheck Protection Program Liquidity Facility 87 0 87 0
Other borrowings 299 395 688 669
Total interest expense 2,000 3,273 4,864 5,929
Net interest income 13,541 11,825 26,245 22,182
Provision for loan losses 2,200 179 4,156 310
Net interest income after provision for loan losses 11,341 11,646 22,089 21,872
Noninterest income        
Gain on sale of SBA loans 46 0 256 0
Gain on sale of securities 0 65 293 65
Other 562 1,211 791 1,538
Total noninterest income 4,843 4,000 9,404 6,334
Noninterest Expenses        
Salaries and employee benefits 7,729 6,292 15,227 11,663
Occupancy and equipment 1,316 1,144 2,634 2,169
Acquisition related expenses 220 1,928 507 1,961
Other 4,110 3,650 8,385 6,247
Total noninterest expense 13,375 13,014 26,753 22,040
Income before income taxes 2,809 2,632 4,740 6,166
Income taxes 595 531 923 1,230
Net income $ 2,214 $ 2,101 $ 3,817 $ 4,936
Net income per share of common stock        
Basic (in dollars per share) $ 0.23 $ 0.23 $ 0.40 $ 0.56
Diluted (in dollars per share) 0.23 0.23 0.40 0.56
Cash dividends paid per share of common stock (in dollars per share) $ 0.10 $ 0.075 $ 0.20 $ 0.15
Weighted average basic shares outstanding (in shares) 9,498,783 9,089,461 9,498,783 8,764,909
Weighted average diluted shares outstanding (in shares) 9,498,783 9,089,461 9,498,783 8,764,909
Service charges on deposits        
Noninterest income        
Non interest revenue from banking services $ 886 $ 1,070 $ 2,190 $ 2,034
Other service charges, commissions and fees        
Noninterest income        
Non interest revenue from banking services 1,522 1,110 2,785 2,010
Mortgage fee income        
Noninterest income        
Non interest revenue from banking services $ 1,827 $ 544 $ 3,089 $ 687