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CONSOLIDATED STATEMENTS OF INCOME - (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Securities:        
Taxable $ 594 $ 980 $ 1,278 $ 1,916
Tax-exempt 670 595 1,281 1,140
Federal funds sold and other 173 320 567 630
Total interest income 20,396 17,657 40,213 35,099
Interest Expense        
Deposits 2,884 4,617 6,716 8,738
Borrowed funds 643 346 1,173 699
Subordinated notes 636 253 1,271 503
Total interest expense 4,163 5,216 9,160 9,940
Net interest income 16,233 12,441 31,053 25,159
Provision expense for loan losses 5,575 429 6,064 851
Net interest income after provision for loan losses 10,658 12,012 24,989 24,308
Noninterest income        
Service charges on deposits 548 662 1,182 1,287
Net gain on sales of securities 899 7 1,428 0
Mortgage banking activities 5,684 2,316 8,272 3,436
Other charges and fees 658 492 1,597 1,040
Total noninterest income 7,789 3,477 12,479 5,763
Noninterest expense        
Salary and employee benefits 9,598 7,193 18,228 14,106
Occupancy and equipment expense 1,567 1,168 3,095 2,372
Professional service fees 941 385 1,333 747
Acquisition and due diligence fees 176 0 1,647 0
Marketing expense 230 288 452 464
Printing and supplies expense 173 104 309 172
Data processing expense 910 606 1,757 1,201
Core deposit premium amortization 192 36 384 88
Other expense 1,296 1,387 2,440 2,385
Noninterest expense 15,083 11,167 29,645 21,535
Income before income taxes 3,364 4,322 7,823 8,536
Income tax provision 643 767 992 1,514
Net income $ 2,721 $ 3,555 $ 6,831 $ 7,022
Per common share data:        
Basic earnings per common share (in dollars per share) $ 0.35 $ 0.46 $ 0.88 $ 0.91
Diluted earnings per common share (in dollars per share) 0.35 0.45 0.88 0.89
Cash dividend declared (in dollars per share) $ 0.05 $ 0.04 $ 0.10 $ 0.08
Weighted average common shares outstanding—basic (in shares) 7,676 7,741 7,636 7,746
Weighted average common shares outstanding - diluted (in shares) 7,721 7,856 7,713 7,862
Originated        
Interest income        
Loans, including fees $ 15,317 $ 14,125 $ 29,356 $ 28,019
Acquired        
Interest income        
Loans, including fees $ 3,642 $ 1,637 $ 7,731 $ 3,394