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CONSOLIDATED STATEMENTS OF OPERATIONS (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 $ 15,291 $ 14,586 $ 29,078 $ 29,106
Securities available for sale and stock 210 260 471 551
Interest-bearing deposits with financial institutions 79 1,620 800 2,975
Total interest income 15,580 16,466 30,349 32,632
Interest expense:        
Deposits 1,963 3,753 4,928 7,377
Borrowings 299 494 630 985
Total interest expense 2,262 4,247 5,558 8,362
Net interest income 13,318 12,219 24,791 24,270
Provision for loan and lease losses 2,850 0 9,050 3,300
Net interest income after provision for loan and lease losses 10,468 12,219 15,741 20,970
Noninterest income        
Service fees on deposits and other banking services 625 443 1,147 840
Net gain on sale of Small Business Administration loans 0 300 0 600
Net loss on sale of other assets (53) (11) (47) (36)
Other noninterest income 599 654 1,165 1,472
Total noninterest income 1,171 1,386 2,265 2,876
Noninterest expense        
Salaries and employee benefits 5,462 5,737 11,531 11,177
Occupancy 668 647 1,339 1,274
Equipment and depreciation 508 480 959 941
Data processing 592 526 1,236 1,044
FDIC expense 210 193 403 357
Other real estate owned expense, net 0 1 0 69
Professional fees 702 1,190 1,563 1,986
Business development 137 241 309 437
Loan related expense 152 122 277 307
Insurance 63 61 126 123
Other operating expense 440 509 908 976
Total noninterest expense 8,934 9,707 18,651 18,691
Income (loss) before income taxes 2,705 3,898 (645) 5,155
Income tax provision (benefit) 800 1,170 (190) 1,545
Net income (loss) allocable to common shareholders $ 1,905 $ 2,728 $ (455) $ 3,610
Basic income (loss) per common share:        
Net income (loss) allocable to common shareholders (in dollars per share) $ 0.08 $ 0.12 $ (0.02) $ 0.15
Diluted income (loss) per common share:        
Net income (loss) allocable to common shareholders (in dollars per share) $ 0.08 $ 0.12 $ (0.02) $ 0.15
Weighted average number of common shares outstanding:        
Basic (in shares) 23,502,400 22,619,993 23,488,721 22,224,376
Diluted (in shares) 23,713,486 23,615,958 23,488,721 23,581,106