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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        
Loans, including fees $ 16,477 $ 13,316 $ 46,656 $ 38,342
Securities:        
Taxable 725 1,130 2,633 3,615
Tax-exempt 504 393 1,438 1,256
Federal funds sold and short-term investments 2 35 95 129
Total interest income 17,708 14,874 50,822 43,342
INTEREST EXPENSE        
Deposits 2,171 2,904 8,133 7,892
Borrowings 95 268 205 698
Redeemable subordinated debentures 90 185 348 575
Total interest expense 2,356 3,357 8,686 9,165
Net interest income 15,352 11,517 42,136 34,177
PROVISION FOR LOAN LOSSES 2,320 350 5,340 1,050
Net interest income after provision for loan losses 13,032 11,167 36,796 33,127
NON-INTEREST INCOME        
Service charges on deposit accounts 126 165 471 490
Gain on sales of loans 3,396 1,351 6,987 3,556
Income on bank-owned life insurance 188 149 632 437
Gain on sales and calls of securities 79 16 97 16
Other income 947 525 2,105 1,743
Total non-interest income 4,736 2,206 10,292 6,242
NON-INTEREST EXPENSES        
Salaries and employee benefits 7,106 5,231 19,276 15,472
Occupancy expense 1,222 972 3,597 2,984
Data processing expenses 486 379 1,402 1,072
FDIC insurance expense 225 (47) 484 113
Other real estate owned expenses 27 52 58 134
Merger-related expenses 0 302 64 575
Other operating expenses 1,896 1,546 5,711 4,746
Total non-interest expenses 10,962 8,435 30,592 25,096
Income before income taxes 6,806 4,938 16,496 14,273
INCOME TAXES 1,896 1,315 4,475 3,883
Net income $ 4,910 $ 3,623 $ 12,021 $ 10,390
EARNINGS PER COMMON SHARE        
Basic (in Dollars per share) $ 0.48 $ 0.42 $ 1.18 $ 1.20
Diluted (in Dollars per share) $ 0.48 $ 0.42 $ 1.17 $ 1.19
WEIGHTED AVERAGE SHARES OUTSTANDING        
Basic (in Shares) 10,230,488 8,666,251 10,213,601 8,641,684
Diluted (in Shares) 10,268,951 8,722,349 10,260,477 8,698,959