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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME        
Federal funds sold and interest-bearing deposits $ 24 $ 271 $ 236 $ 724
FHLB stock 79 82 268 275
Securities:        
Taxable 383 463 1,331 1,400
Tax-exempt 11 26 50 81
Total securities 394 489 1,381 1,481
Loans:        
SBA loans 631 943 2,323 2,880
SBA PPP loans 1,036   1,760  
Commercial loans 10,099 9,467 29,848 27,892
Residential mortgage loans 5,490 5,606 16,814 16,702
Consumer loans 2,011 2,197 5,999 6,382
Total loans 19,267 18,213 56,744 53,856
Total interest income 19,764 19,055 58,629 56,336
INTEREST EXPENSE        
Interest-bearing demand deposits 347 438 1,189 1,289
Savings deposits 473 1,194 1,836 3,500
Time deposits 2,157 2,577 7,056 7,023
Borrowed funds and subordinated debentures 460 442 1,449 1,695
Total interest expense 3,437 4,651 11,530 13,507
Net interest income 16,327 14,404 47,099 42,829
Provision for loan losses 2,000 750 6,000 1,600
Net interest income after provision for loan losses 14,327 13,654 41,099 41,229
NONINTEREST INCOME        
Branch fee income 237 373 761 1,120
Service and loan fee income 419 522 1,185 1,533
Gain on sale of SBA loans held for sale, net 534   1,099 554
Gain on sale of mortgage loans, net 1,713 545 4,317 1,525
BOLI income 147 138 474 435
Net security (losses) gains (96) 18 (187) 216
Gain on sale of premises and equipment   764   766
Other income 382 350 1,043 994
Total noninterest income 3,336 2,710 8,692 7,143
NONINTEREST EXPENSE        
Compensation and benefits 5,761 5,353 16,752 15,384
Processing and communications 722 749 2,199 2,213
Furniture and equipment 637 711 1,933 2,088
Occupancy 639 651 1,892 1,997
BSA expenses 626   1,176  
Professional services 274 274 805 839
Advertising 191 334 688 1,056
Director fees 191 171 572 499
Other loan expenses 216 89 473 202
Deposit insurance 197   444 301
Loan collection and OREO expenses (recoveries) 33 (48) 220 9
Other expenses 550 445 1,386 1,409
Total noninterest expense 10,037 8,729 28,540 25,997
Income before provision for income taxes 7,626 7,635 21,251 22,375
Provision for income taxes 1,866 1,676 4,952 4,842
Net income $ 5,760 $ 5,959 $ 16,299 $ 17,533
Net income per common share - Basic (in dollars per share) $ 0.54 $ 0.55 $ 1.51 $ 1.62
Net income per common share - Diluted (in dollars per share) $ 0.54 $ 0.54 $ 1.50 $ 1.59
Weighted average common shares outstanding - Basic (in shares) 10,630 10,863 10,768 10,836
Weighted average common shares outstanding - Diluted (in shares) 10,706 11,036 10,875 11,019