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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest Income:        
Interest and fees on loans $ 7,563 $ 8,648 $ 23,622 $ 25,733
Interest on investment securities 343 439 1,127 1,360
Interest on deposits in FRB 62 1,330 667 4,052
Total interest income 7,968 10,417 25,416 31,145
Interest Expense:        
Interest on deposits 451 950 1,562 2,675
Interest on other borrowed funds 49 111 229 352
Total interest expense 500 1,061 1,791 3,027
Net Interest Income 7,468 9,356 23,625 28,118
Provision for Credit Losses 4 5 2,138 15
Net Interest Income after Provision for Credit Losses 7,464 9,351 21,487 28,103
Noninterest Income:        
Customer service fees 668 839 2,014 2,479
Increase in cash surrender value of bank-owned life insurance 124 147 382 438
Unrealized gain on fair value of marketable equity securities 4 18 89 128
Gain on proceeds from bank-owned life insurance 0 0 310 0
(Loss) gain on fair value of junior subordinated debentures (18) 660 1,451 1,571
Loss on dissolution of real estate investment trust 0 (1) 0 (115)
(Loss) gain on sale of assets 0 (5) 0 1
Other 133 195 460 603
Total noninterest income 911 1,853 4,706 5,105
Noninterest Expense:        
Salaries and employee benefits 2,722 2,775 8,131 8,307
Occupancy expense 887 829 2,609 2,450
Data processing 139 151 386 402
Professional fees 724 864 1,981 2,423
Regulatory assessments 121 (37) 283 138
Director fees 94 95 282 281
Correspondent bank service charges 19 14 52 42
Net cost on operation and sale of OREO 35 71 968 223
Other 469 573 1,663 1,677
Total noninterest expense 5,210 5,335 16,355 15,943
Income Before Provision for Taxes 3,165 5,869 9,838 17,265
Provision for Taxes on Income 894 1,696 2,800 4,989
Net Income $ 2,271 $ 4,173 $ 7,038 $ 12,276
Net Income per common share        
Basic (in dollars per share) $ 0.13 $ 0.25 $ 0.41 $ 0.72
Diluted (in dollars per share) $ 0.13 $ 0.25 $ 0.41 $ 0.72
Shares on which net income per common shares were based        
Basic (in shares) 16,977,239 16,953,744 16,975,648 16,950,474
Diluted (in shares) 17,000,501 16,990,162 16,993,180 16,981,619