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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Loans $ 29,730,000 $ 30,842,000 $ 60,138,000 $ 60,060,000
Securities – taxable 3,276,000 3,540,000 6,895,000 6,864,000
Securities – non-taxable 457,000 668,000 1,029,000 1,352,000
Other earning assets 759,000 1,794,000 2,404,000 3,567,000
Total interest income 34,222,000 36,844,000 70,466,000 71,843,000
Interest Expense        
Deposits 15,763,000 17,147,000 32,971,000 32,533,000
Other borrowed funds 4,033,000 3,592,000 8,051,000 6,961,000
Total interest expense 19,796,000 20,739,000 41,022,000 39,494,000
Net Interest Income 14,426,000 16,105,000 29,444,000 32,349,000
Provision for Loan Losses 2,491,000 1,389,000 3,952,000 2,674,000
Net Interest Income After Provision for Loan Losses 11,935,000 14,716,000 25,492,000 29,675,000
Noninterest Income        
Gain (loss) on sale of loans 762,000 (66,000) 2,563,000 (170,000)
(Loss) gain on sale of securities 0 (458,000) 41,000 (458,000)
Other 456,000 1,089,000 873,000 1,712,000
Total noninterest income 4,973,000 3,454,000 11,184,000 5,826,000
Noninterest Expense        
Salaries and employee benefits 7,789,000 6,642,000 15,563,000 12,963,000
Marketing, advertising and promotion 411,000 466,000 786,000 935,000
Consulting and professional services 932,000 835,000 2,109,000 1,649,000
Data processing 339,000 328,000 714,000 645,000
Loan expenses 399,000 292,000 998,000 606,000
Premises and equipment 1,602,000 1,497,000 3,227,000 2,997,000
Deposit insurance premium 435,000 747,000 920,000 1,302,000
Other 1,337,000 902,000 2,413,000 1,721,000
Total noninterest expense 13,244,000 11,709,000 26,730,000 22,818,000
Income Before Income Taxes 3,664,000 6,461,000 9,946,000 12,683,000
Income Tax (Benefit) Provision (268,000) 340,000 (5,000) 866,000
Net Income $ 3,932,000 $ 6,121,000 $ 9,951,000 $ 11,817,000
Income Per Share of Common Stock        
Basic (in dollars per share) $ 0.40 $ 0.60 $ 1.02 $ 1.16
Diluted (in dollars per share) $ 0.40 $ 0.60 $ 1.02 $ 1.16
Weighted-Average Number of Common Shares Outstanding        
Basic (in shares) 9,768,227 10,148,285 9,798,528 10,182,770
Diluted (in shares) 9,768,227 10,148,285 9,802,427 10,186,833
Dividends Declared Per Share (in dollars per share) $ 0.06 $ 0.06 $ 0.12 $ 0.12
Service charges and fees        
Noninterest Income        
Noninterest income $ 182,000 $ 225,000 $ 394,000 $ 461,000
Loan servicing revenue        
Noninterest Income        
Noninterest income 255,000 0 506,000 0
Loan servicing asset revaluation        
Noninterest Income        
Noninterest income (90,000) 0 (269,000) 0
Mortgage banking activities        
Noninterest Income        
Noninterest income $ 3,408,000 $ 2,664,000 $ 7,076,000 $ 4,281,000