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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income:        
Interest and fees on loans $ 19,113 $ 15,337 $ 55,077 $ 42,593
Interest and dividends on investments 284 333 889 1,014
Interest on federal funds sold and deposits with banks 1,021 345 2,633 798
Total interest income 20,418 16,015 58,599 44,405
Interest expense:        
Interest on deposits 4,915 3,051 13,398 7,624
Interest on borrowings 1,012 686 2,987 1,882
Total interest expense 5,927 3,737 16,385 9,506
Net interest income 14,491 12,278 42,214 34,899
Provision for loan losses 900 600 2,050 1,200
Net interest income after provision for loan losses 13,591 11,678 40,164 33,699
Noninterest income:        
Gain on sale of SBA loans 76 13 116 227
Loan fees 263 277 739 837
Bank owned life insurance income 153 155 450 458
Service fees on deposit accounts 529 420 1,397 1,105
Gain (loss) on sale and valuation adjustments of OREO 196 150 (147) (359)
Other 73 74 420 334
Total noninterest income 1,290 1,089 2,975 2,602
Noninterest expense:        
Compensation and benefits 2,235 2,048 6,695 5,955
Professional services 583 258 1,495 1,050
Occupancy and equipment 413 444 1,357 1,284
Data processing 262 213 730 604
FDIC insurance and other assessments 9 122 70 291
OREO expense 110 146 302 480
Other operating expense 853 703 2,493 2,159
Total noninterest expense 4,465 3,934 13,142 11,823
Income before income tax expense 10,416 8,833 29,997 24,478
Income tax expense 2,551 2,615 7,348 6,373
Net income attributable to Company and noncontrolling interest 7,865 6,218 22,649 18,105
Less: Net income attributable to noncontrolling interest 101 92 356 108
Net income attributable to Company 7,764 6,126 22,293 17,997
Less: Preferred stock dividend and discount accretion 8 22 16 429
Net income available to common shareholders $ 7,756 $ 6,104 $ 22,277 $ 17,568
Earnings per common share:        
Basic (in dollars per share) $ 0.72 $ 0.60 $ 2.07 $ 1.88
Diluted (in dollars per share) $ 0.71 $ 0.56 $ 2.04 $ 1.65
Weighted average shares outstanding:        
Basic (in shares) 10,770,009 10,168,991 10,758,811 9,350,068
Diluted (in shares) 10,921,518 10,920,025 10,917,547 10,912,879