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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:        
Interest and fees on loans $ 20,521 $ 19,113 $ 60,988 $ 55,077
Interest and dividends on investments 260 284 797 889
Interest on federal funds sold and deposits with banks 92 1,021 1,088 2,633
Total interest income 20,873 20,418 62,873 58,599
Interest expense:        
Interest on deposits 4,165 4,915 14,375 13,398
Interest on borrowings 1,268 1,012 2,968 2,987
Total interest expense 5,433 5,927 17,343 16,385
Net interest income 15,440 14,491 45,530 42,214
Provision for loan losses 2,400 900 5,796 2,050
Net interest income after provision for loan losses 13,040 13,591 39,734 40,164
Non-interest income        
Gain on sale of SBA loans 0 76 0 116
Other loan fees 206 263 612 739
Bank owned life insurance income 150 153 443 450
Service fees on deposit accounts 520 529 1,602 1,397
Net loss on sale and valuation adjustment of OREO (195) 196 (348) (147)
Other 60 73 346 420
Total non-interest income 741 1,290 2,655 2,975
Non-interest expense        
Compensation and benefits 2,440 2,235 7,674 6,695
Professional services 400 583 1,151 1,495
Occupancy and equipment 531 413 1,529 1,357
Data processing 344 262 969 730
FDIC insurance and other assessments 287 9 581 70
OREO expense 80 110 258 302
Other operating expense 750 853 2,401 2,493
Total non-interest expense 4,832 4,465 14,563 13,142
Income before income tax expense 8,949 10,416 27,826 29,997
Income tax expense 2,306 2,551 7,171 7,348
Net income attributable to Company and noncontrolling interest 6,643 7,865 20,655 22,649
Less: Net income attributable to noncontrolling interest (100) (101) (359) (356)
Net income attributable to Company 6,543 7,764 20,296 22,293
Less: Preferred stock dividend (7) (8) (22) (16)
Net income available to common shareholders $ 6,536 $ 7,756 $ 20,274 $ 22,277
Earnings per common share        
Basic (in dollars per share) $ 0.55 $ 0.65 $ 1.71 $ 1.88
Diluted (in dollars per share) $ 0.55 $ 0.65 $ 1.69 $ 1.86
Weighted average common shares outstanding        
Basic (in shares) 11,850,882 11,847,010 11,849,659 11,834,692
Diluted (in shares) 11,975,094 12,013,670 11,986,964 12,009,302