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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income:        
Interest and fees on loans $ 8,443 $ 7,491 $ 17,085 $ 15,717
Interest on investment securities 444 265 921 457
Interest on deposits in FRB 1,424 681 2,722 1,065
Total interest income 10,311 8,437 20,728 17,239
Interest Expense:        
Interest on deposits 890 550 1,724 937
Interest on other borrowed funds 118 109 241 199
Total interest expense 1,008 659 1,965 1,136
Net Interest Income 9,303 7,778 18,763 16,103
Provision (Recovery of Provision) for Credit Losses 4 (1,136) 10 (1,325)
Net Interest Income after Provision (Recovery of Provision) for Credit Losses 9,299 8,914 18,753 17,428
Noninterest Income:        
Increase in cash surrender value of bank-owned life insurance 147 132 292 257
Gain (loss) on fair value of marketable equity securities 53 (18) 110 (78)
Gain on proceeds from bank-owned life insurance 0 0 0 171
Gain (loss) on fair value of junior subordinated debentures 497 (192) 911 (661)
Loss on dissolution of real estate investment trust (5) 0 (114) 0
Gain on sale of assets 6 29 6 29
Other 201 198 408 403
Total noninterest income 1,729 1,169 3,252 2,092
Noninterest Expense:        
Salaries and employee benefits 2,760 3,010 5,532 5,971
Occupancy expense 808 834 1,621 1,599
Data processing 144 99 251 211
Professional fees 746 614 1,559 1,142
Regulatory assessments 83 78 176 161
Director fees 95 81 186 162
Correspondent bank service charges 14 17 28 34
Loss on California tax credit partnership 0 5 0 9
Net cost on operation and sale of OREO 87 49 152 100
Other 525 531 1,104 929
Total noninterest expense 5,262 5,318 10,609 10,318
Income Before Provision for Taxes 5,766 4,765 11,396 9,202
Provision for Taxes on Income 1,669 1,373 3,292 2,653
Net Income $ 4,097 $ 3,392 $ 8,104 $ 6,549
Net Income per common share        
Basic (in dollars per share) $ 0.24 $ 0.20 $ 0.48 $ 0.39
Diluted (in dollars per share) $ 0.24 $ 0.20 $ 0.48 $ 0.39
Shares on which net income per common shares were based        
Basic (in shares) 16,950,564 16,899,968 16,948,810 16,895,135
Diluted (in shares) 16,981,705 16,957,282 16,977,224 16,935,911
Customer service fees        
Noninterest Income:        
Customer service fees $ 830 $ 1,020 $ 1,639 $ 1,971