XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Interest and fees on loans $ 20,139 $ 18,523 $ 40,467 $ 35,964
Interest and dividends on investments 259 290 537 605
Interest on federal funds sold and deposits with banks 45 1,011 996 1,612
Total interest income 20,443 19,824 42,000 38,181
Interest expense:        
Interest on deposits 4,759 4,520 10,210 8,483
Interest on borrowings 793 1,013 1,700 1,975
Total interest expense 5,552 5,533 11,910 10,458
Net interest income 14,891 14,291 30,090 27,723
Provision for loan losses 2,000 450 3,396 1,150
Net interest income after provision for loan losses 12,891 13,841 26,694 26,573
Non-interest income        
Gain on sale of SBA loans 0 0 0 40
Other loan fees 165 285 406 476
Bank owned life insurance income 147 150 293 297
Service fees on deposit accounts 514 487 1,082 868
Net loss on sale of OREO (21) (343) (153) (343)
Other 121 187 286 347
Total non-interest income 926 766 1,914 1,685
Non-interest expense        
Compensation and benefits 2,689 2,319 5,234 4,460
Professional services 396 521 751 912
Occupancy and equipment 518 473 998 944
Data processing 308 250 625 468
FDIC insurance and other assessments 153 34 294 61
OREO expense 67 117 178 192
Other operating expense 731 803 1,651 1,640
Total non-interest expense 4,862 4,517 9,731 8,677
Income before income tax expense 8,955 10,090 18,877 19,581
Income tax expense 2,311 2,481 4,865 4,797
Net income attributable to Company and noncontrolling interest 6,644 7,609 14,012 14,784
Less: Net income attributable to noncontrolling interest (103) (141) (259) (255)
Net income attributable to Company 6,541 7,468 13,753 14,529
Less: Preferred stock dividend (7) (8) (15) (9)
Net income available to common shareholders $ 6,534 $ 7,460 $ 13,738 $ 14,520
Earnings per common share        
Basic (in dollars per share) $ 0.55 $ 0.63 $ 1.16 $ 1.23
Diluted (in dollars per share) $ 0.55 $ 0.62 $ 1.15 $ 1.21
Weighted average common shares outstanding        
Basic (in shares) 11,849,118 11,837,378 11,849,041 11,828,432
Diluted (in shares) 11,977,597 12,010,759 11,992,899 12,007,086