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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
INTEREST INCOME    
Loans receivable, including fees $ 58,616,000 $ 43,457,000
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 3,710,000 2,724,000
Total interest and dividend income 62,326,000 46,181,000
INTEREST EXPENSE    
Deposits 7,321,000 3,920,000
Borrowings 2,228,000 334,000
Subordinated note 679,000 679,000
Total interest expense 10,228,000 4,933,000
NET INTEREST INCOME 52,098,000 41,248,000
PROVISION FOR LOAN LOSSES 1,540,000 750,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 50,558,000 40,498,000
NONINTEREST INCOME    
Service charges and fee income 3,233,000 3,548,000
Bargain purchase gain 7,414,000 0
Gain on sale of loans 14,861,000 17,985,000
Loss on disposed fixed assets (71,000) 0
Gain on sale of investment securities 171,000 380,000
Gain on sale of mortgage servicing rights (MSR) 0 1,062,000
Earnings on cash surrender value of BOLI 413,000 274,000
Other noninterest income 829,000 825,000
Total noninterest income 26,850,000 24,074,000
NONINTEREST EXPENSE    
Salaries and benefits 28,538,000 26,595,000
Operations 6,709,000 6,205,000
Occupancy 3,042,000 2,672,000
Data processing 2,870,000 2,521,000
OREO expenses 2,000 0
Loan costs 2,801,000 2,652,000
Professional and board fees 1,872,000 1,697,000
Federal Deposit Insurance Corporation (FDIC) insurance 517,000 535,000
Marketing and advertising 747,000 716,000
Acquisition costs 1,389,000 0
Amortization of core deposit intangible 351,000 400,000
Total noninterest expense 48,838,000 43,993,000
INCOME BEFORE PROVISION FOR INCOME TAXES 28,570,000 20,579,000
PROVISION FOR INCOME TAXES 4,223,000 6,494,000
NET INCOME $ 24,347,000 $ 14,085,000
Basic earnings per share (in dollars per share) $ 6.58 $ 4.55
Diluted earnings per share (in dollars per share) $ 6.29 $ 4.28