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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
INTEREST INCOME    
Loans receivable, including fees $ 84,706,000 $ 58,616,000
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 4,919,000 3,710,000
Total interest and dividend income 89,625,000 62,326,000
INTEREST EXPENSE    
Deposits 16,162,000 7,321,000
Borrowings 2,476,000 2,228,000
Subordinated note 679,000 679,000
Total interest expense 19,317,000 10,228,000
NET INTEREST INCOME 70,308,000 52,098,000
PROVISION FOR LOAN LOSSES 2,880,000 1,540,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 67,428,000 50,558,000
NONINTEREST INCOME    
Service charges and fee income 6,554,000 3,233,000
Bargain purchase gain   7,414,000
Gain on sale of loans 14,248,000 14,861,000
Loss on disposed fixed assets (26,000) (71,000)
Gain on sale of investment securities 32,000 171,000
Earnings on cash surrender value of BOLI 872,000 413,000
Other noninterest income 1,355,000 829,000
Total noninterest income 23,035,000 26,850,000
NONINTEREST EXPENSE    
Salaries and benefits 33,816,000 28,538,000
Operations 9,722,000 6,709,000
Occupancy 4,640,000 3,042,000
Data processing 4,972,000 2,870,000
Gain on sale of OREO (138,000)  
OREO expenses 13,000 2,000
Loan costs 3,238,000 2,801,000
Professional and board fees 2,426,000 1,872,000
Federal Deposit Insurance Corporation ("FDIC") insurance 358,000 517,000
Marketing and advertising 678,000 747,000
Acquisition costs 1,756,000 1,389,000
Amortization of core deposit intangible 760,000 351,000
Impairment of servicing rights 92,000  
Total noninterest expense 62,333,000 48,838,000
INCOME BEFORE PROVISION FOR INCOME TAXES 28,130,000 28,570,000
PROVISION FOR INCOME TAXES 5,413,000 4,223,000
NET INCOME $ 22,717,000 $ 24,347,000
Basic earnings per share (in dollars per share) $ 5.13 $ 6.58
Diluted earnings per share (in dollars per share) $ 5.01 $ 6.29