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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Loans, including fees $ 15,700 $ 15,046 $ 44,777 $ 44,152
Securities available for sale and stock 222 257 693 808
Interest-bearing deposits with financial institutions 94 1,464 894 4,439
Total interest income 16,016 16,767 46,364 49,399
Interest expense:        
Deposits 1,516 3,628 6,444 11,005
Borrowings 246 396 876 1,382
Total interest expense 1,762 4,024 7,320 12,387
Net interest income 14,254 12,743 39,044 37,012
Provision for loan and lease losses 0 2,100 9,050 5,400
Net interest income after provision for loan and lease losses 14,254 10,643 29,994 31,612
Noninterest income        
Service fees on deposits and other banking services 891 463 2,038 1,303
Net gain on sale of Small Business Administration loans 535 265 535 866
Net loss on sale of other assets (70) (6) (117) (42)
Other noninterest income 889 620 2,054 2,092
Total noninterest income 2,245 1,342 4,510 4,219
Noninterest expense        
Salaries and employee benefits 5,554 6,070 17,085 17,247
Occupancy 670 639 2,009 1,913
Equipment and depreciation 562 460 1,521 1,401
Data processing 706 574 1,942 1,618
FDIC expense (refund) 366 (24) 769 333
Other real estate owned expense, net 0 0 0 69
Professional fees 695 1,118 2,257 3,104
Business development 147 197 456 634
Loan related expense 88 122 365 429
Insurance 60 58 186 180
Other operating expense 427 483 1,335 1,460
Total noninterest expense 9,275 9,697 27,925 28,388
Income before income taxes 7,224 2,288 6,579 7,443
Income tax provision 2,138 658 1,948 2,204
Net income allocable to common shareholders $ 5,086 $ 1,630 $ 4,631 $ 5,239
Basic income per common share:        
Net income (loss) allocable to common shareholders (in dollars per share) $ 0.21 $ 0.07 $ 0.20 $ 0.22
Diluted income per common share:        
Net income (loss) allocable to common shareholders (in dollars per share) $ 0.21 $ 0.07 $ 0.20 $ 0.22
Weighted average number of common shares outstanding:        
Basic (in shares) 23,515,737 23,355,639 23,497,792 22,605,608
Diluted (in shares) 23,719,628 23,656,570 23,711,992 23,605,390