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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income:        
Interest and fees on loans $ 10,012 $ 9,532 $ 30,074 $ 28,238
Interest and dividends on investments 293 365 966 950
Interest on federal funds sold and cash equivalents 66 21 144 63
Total interest income 10,371 9,918 31,184 29,251
Interest expense:        
Interest on deposits 1,370 1,219 4,001 3,548
Interest on borrowings 327 282 1,001 771
Total interest expense 1,697 1,501 5,002 4,319
Net interest income 8,674 8,417 26,182 24,932
Provision for loan losses 700 1,450 762 3,040
Net interest income after provision for loan losses 7,974 6,967 25,420 21,892
Noninterest income:        
Gain on sale of SBA loans 0 1,527 1,803 3,284
Loan fees 70 399 576 1,052
Gain on Bank Owned Life Insurance 184 90 542 267
Service fees on deposit accounts 87 73 231 209
Loss on sale and write-down of real estate owned (718) (173) (1,760) (1,296)
Gain on sale of SBA related assets 0 0 7,611 0
Other 507 136 771 645
Total noninterest income 130 2,052 9,774 4,161
Noninterest expense:        
Compensation and benefits 1,687 1,872 5,552 5,781
Professional services 386 395 1,212 1,269
Occupancy and equipment 315 318 958 946
Data processing 236 134 499 384
FDIC insurance 148 173 497 507
OREO expense 249 450 848 1,361
Other operating expense 1,156 1,019 3,292 2,718
Total noninterest expense 4,177 4,361 12,858 12,966
Income before income tax expense 3,927 4,658 22,336 13,087
Income tax expense 51 1,730 6,751 4,638
Net income attributable to Company and noncontrolling interest 3,876 2,928 15,585 8,449
Net income attributable to noncontrolling interest 0 (498) (452) (999)
Net income attributable to Company 3,876 2,430 15,133 7,450
Preferred stock dividend and discount accretion 300 300 900 900
Net income available to common shareholders $ 3,576 $ 2,130 $ 14,233 $ 6,550
Earnings per common share:        
Basic (in dollars per share) $ 0.52 $ 0.32 $ 2.08 $ 0.98
Diluted (in dollars per share) $ 0.43 $ 0.28 $ 1.69 $ 0.87
Weighted average shares outstanding:        
Basic (in shares) 6,843,059 6,740,665 6,843,064 6,664,009
Diluted (in shares) 8,967,972 8,651,581 8,960,040 8,572,858