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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST INCOME        
Federal funds sold and interest-bearing deposits $ 33 $ 23 $ 57 $ 212
FHLB stock 53 79 116 188
Securities:        
Taxable 253 437 546 948
Tax-exempt 9 17 18 39
Total securities 262 454 564 987
Loans:        
SBA loans 776 709 1,559 1,694
SBA PPP loans 1,748 723 3,477 723
Commercial loans 10,734 9,815 21,210 19,748
Residential mortgage loans 4,906 5,554 10,034 11,324
Consumer loans 682 875 1,538 1,835
Residential construction loans 1,486 1,046 2,701 2,153
Total loans 20,332 18,722 40,519 37,477
Total interest income 20,680 19,278 41,256 38,864
INTEREST EXPENSE        
Interest-bearing demand deposits 307 329 616 706
Savings deposits 419 547 851 1,499
Time deposits 1,171 2,454 2,634 4,900
Borrowed funds and subordinated debentures 334 423 688 989
Total interest expense 2,231 3,753 4,789 8,094
Net interest income 18,449 15,525 36,467 30,770
Provision for loan losses   2,500 500 4,000
Net interest income after provision for loan losses 18,449 13,025 35,967 26,770
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net 496 92 741 565
Gain on sale of mortgage loans, net 1,066 1,553 2,817 2,604
BOLI income 133 154 261 327
Net security gains (losses) 23 79 333 (91)
Other income 399 336 772 662
Total noninterest income 2,895 2,811 6,621 5,356
NONINTEREST EXPENSE        
Compensation and benefits 6,333 5,553 12,396 10,992
Processing and communications 750 769 1,557 1,477
Occupancy 631 630 1,337 1,253
Furniture and equipment 659 641 1,308 1,296
Professional services 339 261 720 531
Advertising 403 207 671 497
Deposit insurance 225 159 439 247
Director fees 204 181 412 381
BSA expenses 282 488 450 550
Other loan expenses 165 168 308 257
Loan collection and OREO expenses 54 1 5 187
Other expenses 415 119 660 833
Total noninterest expense 10,460 9,177 20,263 18,501
Income before provision for income taxes 10,884 6,659 22,325 13,625
Provision for income taxes 2,466 1,488 5,411 3,086
Net income $ 8,418 $ 5,171 $ 16,914 $ 10,539
Net income per common share - Basic $ 0.81 $ 0.48 $ 1.62 $ 0.97
Net income per common share - Diluted $ 0.80 $ 0.47 $ 1.60 $ 0.96
Weighted average common shares outstanding - Basic 10,427 10,792 10,432 10,838
Weighted average common shares outstanding - Diluted 10,569 10,888 10,567 10,962
Branch fee income        
NONINTEREST INCOME        
Noninterest income $ 269 $ 207 $ 564 $ 523
Service and loan fee income        
NONINTEREST INCOME        
Noninterest income $ 509 $ 390 $ 1,133 $ 766