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Consolidated Statements of Income (Unaudited) - 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 $ 18,938 $ 21,876 $ 57,617 $ 64,779
Interest on tax-exempt investment securities 37 38 113 115
Interest on investment securities 478 940 1,585 3,018
Interest and dividends on other interest-earning assets 167 833 938 2,757
Total interest income 19,620 23,687 60,253 70,669
Interest expense:        
Interest on deposits 2,599 6,060 11,000 17,925
Interest on borrowings 168 98 471 370
Total interest expense 2,767 6,158 11,471 18,295
Net interest income 16,853 17,529 48,782 52,374
Provision (reversal) for loan losses 4,326 (102) 11,077 207
Net interest income after provision for loan losses 12,527 17,631 37,705 52,167
Noninterest income:        
Service charges and fees on deposits 531 667 1,660 1,875
Loan servicing income 856 534 2,312 1,657
Gain on sale of loans 821 1,540 3,044 4,551
Other income 315 323 915 920
Total noninterest income 2,272 2,802 7,216 8,265
Noninterest expense:        
Salaries and employee benefits 6,438 6,901 18,750 20,123
Occupancy and equipment 1,416 1,408 4,196 4,128
Professional fees 325 664 1,631 2,108
Marketing and business promotion 193 292 920 1,049
Data processing 373 348 1,097 1,004
Director fees and expenses 125 188 453 562
Regulatory assessments 267 0 728 425
Other expenses 749 976 2,374 2,651
Total noninterest expense 9,886 10,777 30,149 32,050
Income before income taxes 4,913 9,656 14,772 28,382
Income tax expense 1,464 2,871 4,384 8,432
Net income $ 3,449 $ 6,785 $ 10,388 $ 19,950
Earnings per common share, basic (in dollars per share) $ 0.22 $ 0.43 $ 0.67 $ 1.25
Earnings per common share, diluted (in dollars per share) $ 0.22 $ 0.42 $ 0.67 $ 1.23
Weighted-average common shares outstanding, basic (in shares) 15,343,888 15,816,269 15,395,475 15,943,603
Weighted-average common shares outstanding, diluted (in shares) 15,377,531 16,099,598 15,466,207 16,231,848
Service charges and fees on deposits        
Noninterest income:        
Service charges and fees on deposits $ 280 $ 405 $ 945 $ 1,137