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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest Income    
Loans $ 30,408,000 $ 29,218,000
Securities – taxable 3,619,000 3,324,000
Securities – non-taxable 572,000 684,000
Other earning assets 1,645,000 1,773,000
Total interest income 36,244,000 34,999,000
Interest Expense    
Deposits 17,208,000 15,386,000
Other borrowed funds 4,018,000 3,369,000
Total interest expense 21,226,000 18,755,000
Net Interest Income 15,018,000 16,244,000
Provision for Loan Losses 1,461,000 1,285,000
Net Interest Income After Provision for Loan Losses 13,557,000 14,959,000
Noninterest Income    
Gain (loss) on sale of loans 1,801,000 (104,000)
Gain on sale of securities 41,000 0
Other 417,000 623,000
Total noninterest income 6,211,000 2,372,000
Noninterest Expense    
Salaries and employee benefits 7,774,000 6,321,000
Marketing, advertising and promotion 375,000 469,000
Consulting and professional services 1,177,000 814,000
Data processing 375,000 317,000
Loan expenses 599,000 314,000
Premises and equipment 1,625,000 1,500,000
Deposit insurance premium 485,000 555,000
Other 1,076,000 819,000
Total noninterest expense 13,486,000 11,109,000
Income Before Income Taxes 6,282,000 6,222,000
Income Tax Provision 263,000 526,000
Net Income $ 6,019,000 $ 5,696,000
Income Per Share of Common Stock    
Basic (in dollars per share) $ 0.62 $ 0.56
Diluted (in dollars per share) $ 0.62 $ 0.56
Weighted-Average Number of Common Shares Outstanding    
Basic (in shares) 9,721,485 10,217,637
Diluted (in shares) 9,750,528 10,230,531
Dividends Declared Per Share (in dollars per share) $ 0.06 $ 0.06
Service charges and fees    
Noninterest Income    
Noninterest income $ 212,000 $ 236,000
Loan servicing revenue    
Noninterest Income    
Noninterest income 251,000 0
Loan servicing asset revaluation    
Noninterest Income    
Noninterest income (179,000) 0
Mortgage banking activities    
Noninterest Income    
Noninterest income $ 3,668,000 $ 1,617,000