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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 and fee income:        
Loans $ 56,766 $ 64,010 $ 175,661 $ 186,078
Investment securities 2,167 3,900 7,787 11,943
Cash, cash equivalents and restricted cash 83 766 454 1,688
Total interest and fee income 59,016 68,676 183,902 199,709
Interest expense:        
Deposits 15,744 27,927 60,146 78,686
FHLB advances 5,307 5,983 16,550 19,165
Junior subordinated deferrable interest debentures 279 604 1,104 1,888
Senior debt 1,574 1,577 4,727 4,725
Total interest expense 22,904 36,091 82,527 104,464
Net interest income before provision for (reversal of) loan losses 36,112 32,585 101,375 95,245
Provision for (reversal of) loan losses 0 (500) 10,550 250
Net interest income after provision for (reversal of) loan losses 36,112 33,085 90,825 94,995
Noninterest income:        
Gain on sale of loans 0 77 0 607
FHLB dividends 368 557 1,277 1,604
Other income 219 359 779 1,650
Total noninterest income 587 993 2,056 3,861
Noninterest expense:        
Compensation and related benefits 11,408 9,191 32,913 27,857
Deposit insurance premium 482 0 1,429 985
Professional and regulatory fees 431 521 1,316 1,419
Occupancy 1,156 1,425 3,397 4,214
Depreciation and amortization 673 672 2,029 2,001
Data processing 999 945 3,004 2,809
Marketing 306 1,217 1,511 3,442
Other expenses 919 2,098 2,982 4,300
Total noninterest expense 16,374 16,069 48,581 47,027
Income before provision for income taxes 20,325 18,009 44,300 51,829
Provision for income taxes 6,008 5,273 13,089 15,425
Net income $ 14,317 $ 12,736 $ 31,211 $ 36,404
Basic earnings per common share (in usd per share) $ 0.28 $ 0.23 $ 0.58 $ 0.65
Diluted earnings per common share (in usd per share) 0.27 0.23 0.58 0.65
Dividends per common share (in usd per share) $ 0.06 $ 0.06 $ 0.17 $ 0.17