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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME        
Federal funds sold, interest-bearing deposits and repos $ 232 $ 171 $ 453 $ 376
FHLB stock 77 123 193 257
Securities:        
Taxable 461 484 937 976
Tax-exempt 27 30 55 61
Total securities 488 514 992 1,037
Loans:        
SBA loans 942 1,131 1,937 2,314
Commercial loans 9,357 8,209 18,426 15,934
Residential mortgage loans 5,535 4,522 11,095 8,863
Consumer loans 2,150 1,699 4,185 3,228
Total loans 17,984 15,561 35,643 30,339
Total interest income 18,781 16,369 37,281 32,009
INTEREST EXPENSE        
Interest-bearing demand deposits 442 259 851 483
Savings deposits 1,188 943 2,306 1,719
Time deposits 2,437 1,303 4,445 2,302
Borrowed funds and subordinated debentures 504 720 1,253 1,489
Total interest expense 4,571 3,225 8,855 5,993
Net interest income 14,210 13,144 28,426 26,016
Provision for loan losses 350 550 850 1,050
Net interest income after provision for loan losses 13,860 12,594 27,576 24,966
NONINTEREST INCOME        
Branch fee income 378 419 746 750
Service and loan fee income 569 411 1,011 976
Gain on sale of SBA loans held for sale, net 238 582 554 1,130
Gain on sale of mortgage loans, net 630 421 980 845
BOLI income 147 175 297 346
Net security gains (losses) 98 7 198 (9)
Other income 351 297 645 560
Total noninterest income 2,411 2,312 4,431 4,598
NONINTEREST EXPENSE        
Compensation and benefits 5,186 4,736 10,030 9,570
Occupancy 653 693 1,346 1,383
Processing and communications 748 674 1,464 1,363
Furniture and equipment 718 610 1,375 1,146
Professional services 277 161 565 412
Loan collection and OREO (recoveries) expenses (10) 6 57 11
Other loan expenses 67 53 113 86
Deposit insurance 134 216 301 402
Advertising 374 362 722 681
Director fees 164 165 328 327
Other expenses 480 482 966 970
Total noninterest expense 8,791 8,158 17,267 16,351
Income before provision for income taxes 7,480 6,748 14,740 13,213
Provision for income taxes 1,646 1,351 3,166 2,586
Net income $ 5,834 $ 5,397 $ 11,574 $ 10,627
Net income per common share - Basic (in dollars per share) $ 0.54 $ 0.50 $ 1.07 $ 0.99
Net income per common share - Diluted (in dollars per share) $ 0.53 $ 0.49 $ 1.05 $ 0.98
Weighted average common shares outstanding - Basic (in shares) 10,843 10,717 10,822 10,698
Weighted average common shares outstanding - Diluted (in shares) 11,026 10,915 11,011 10,897