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Consolidated Statements of Income - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
INTEREST INCOME    
Loans receivable, including fees $ 20,740,000 $ 21,109,000
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 1,209,000 1,202,000
Total interest and dividend income 21,949,000 22,311,000
INTEREST EXPENSE    
Deposits 3,807,000 3,710,000
Borrowings 497,000 744,000
Subordinated note 172,000 168,000
Total interest expense 4,476,000 4,622,000
NET INTEREST INCOME 17,473,000 17,689,000
PROVISION FOR LOAN LOSSES 3,686,000 750,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 13,787,000 16,939,000
NONINTEREST INCOME    
Service charges and fee income 924,000 1,658,000
Gain on sale of loans 5,899,000 2,397,000
Earnings on cash surrender value of BOLI 216,000 215,000
Other noninterest income 1,852,000 285,000
Total noninterest income 8,891,000 4,555,000
NONINTEREST EXPENSE    
Salaries and benefits 9,547,000 8,243,000
Operations 2,403,000 2,044,000
Occupancy 1,109,000 1,112,000
Data processing 980,000 1,286,000
Loss (gain) on sale of OREO 2,000 (85,000)
OREO expenses   4,000
Loan costs 500,000 673,000
Professional and board fees 681,000 550,000
Federal Deposit Insurance Corporation ("FDIC") insurance 126,000 248,000
Marketing and advertising 146,000 135,000
Acquisition costs   374,000
Amortization of core deposit intangible 176,000 190,000
Impairment of servicing rights 514,000 23,000
Total noninterest expense 16,184,000 14,797,000
INCOME BEFORE PROVISION FOR INCOME TAXES 6,494,000 6,697,000
PROVISION FOR INCOME TAXES 1,327,000 1,505,000
NET INCOME $ 5,167,000 $ 5,192,000
Basic earnings per share (in dollars per share) $ 1.16 $ 1.19
Diluted earnings per share (in dollars per share) $ 1.14 $ 1.15