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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 and fee income:        
Loans $ 58,190 $ 61,015 $ 118,895 $ 122,068
Investment securities 2,316 4,118 5,619 8,043
Cash, cash equivalents and restricted cash 55 522 372 922
Total interest and fee income 60,561 65,655 124,886 131,033
Interest expense:        
Deposits 19,821 26,471 44,402 50,759
FHLB advances 5,685 6,410 11,243 13,182
Junior subordinated deferrable interest debentures 332 632 825 1,283
Senior debt 1,575 1,574 3,153 3,149
Total interest expense 27,413 35,087 59,623 68,373
Net interest income before provision for loan losses 33,148 30,568 65,263 62,660
Provision for loan losses 5,250 450 10,550 750
Net interest income after provision for loan losses 27,898 30,118 54,713 61,910
Noninterest income:        
Gain on sale of loans 0 197 0 530
FHLB dividends 374 552 909 1,047
Other income 297 739 560 1,291
Total noninterest income 671 1,488 1,469 2,868
Noninterest expense:        
Compensation and related benefits 10,300 8,614 21,505 18,666
Deposit insurance premium 471 487 947 985
Professional and regulatory fees 454 457 885 898
Occupancy 1,101 1,399 2,241 2,789
Depreciation and amortization 687 664 1,356 1,329
Data processing 1,038 945 2,005 1,864
Marketing 330 1,071 1,205 2,225
Other expenses 967 1,072 2,063 2,202
Total noninterest expense 15,348 14,709 32,207 30,958
Income before provision for income taxes 13,221 16,897 23,975 33,820
Provision for income taxes 3,903 5,239 7,081 10,152
Net income $ 9,318 $ 11,658 $ 16,894 $ 23,668
Basic earnings per common share (in usd per share) $ 0.18 $ 0.21 $ 0.31 $ 0.42
Diluted earnings per common share (in usd per share) 0.18 0.21 0.31 0.42
Dividends per common share (in usd per share) $ 0.06 $ 0.06 $ 0.12 $ 0.12