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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Loans, including fees $ 32,983 $ 28,019 $ 65,811 $ 53,069
Securities:        
Taxable 636 373 2,008 606
Tax-exempt   4   11
Money market funds 4 41 34 75
Overnight deposits 374 2,111 1,967 3,520
Other interest and dividends 226 280 471 537
Total interest income 34,223 30,828 70,291 57,818
Interest expense:        
Deposits 2,915 5,936 8,682 10,582
Borrowed funds 583 1,322 1,319 2,426
Trust preferred securities interest expense 159 228 349 485
Subordinated debt interest expense 405 405 809 810
Total interest expense 4,062 7,891 11,159 14,303
Net interest income 30,161 22,937 59,132 43,515
Provision (credit) for loan losses 1,766 1,950 6,556 (81)
Net interest income after provision for loan losses 28,395 20,987 52,576 43,596
Non-interest income:        
Service charges on deposit accounts 803 908 1,883 1,727
Prepaid third-party debit card income 2,108 1,422 3,729 2,679
Other service charges and fees 411 313 1,036 591
Unrealized gain on equity securities 19 31 55 70
Gain on sale of securities 2,312   3,286  
Total non-interest income 5,653 2,674 9,989 5,067
Non-interest expense:        
Compensation and benefits 10,058 7,921 20,017 15,411
Bank premises and equipment 1,887 1,348 4,387 2,683
Professional fees 882 917 1,837 1,711
Licensing fees and technology costs 3,460 2,618 7,265 4,003
Other expenses 1,997 1,920 4,291 3,610
Total non-interest expense 18,284 14,724 37,797 27,418
Net income before income tax expense 15,764 8,937 24,768 21,245
Income tax expense 4,953 2,880 7,860 6,657
Net income $ 10,811 $ 6,057 $ 16,908 $ 14,588
Earnings per common share:        
Basic earnings per common share (in dollars per share) $ 1.30 $ 0.73 $ 2.04 $ 1.76
Diluted earnings per common share (in dollars per share) $ 1.28 $ 0.71 $ 2.00 $ 1.72