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CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and fees on loans:        
Taxable $ 11,529 $ 10,602 $ 21,877 $ 20,384
Tax-exempt 182 236 358 481
Interest and dividends on investment securities available-for-sale:        
Taxable 553 396 1,047 931
Tax-exempt 144 68 296 105
Interest on interest-bearing deposits in other banks 15 12 24 101
Total interest income 12,423 11,314 23,602 22,002
Interest expense:        
Interest on deposits 822 1,395 1,745 3,184
Interest on short-term borrowings   23   28
Interest on long-term debt 585 225 1,231 348
Total interest expense 1,407 1,643 2,976 3,560
Net interest income 11,016 9,671 20,626 18,442
(Recovery of) provision for loan losses (735) 2,012 (735) 3,812
Net interest income after (recovery of) provision for loan losses 11,751 7,659 21,361 14,630
Noninterest income:        
Bank owned life insurance investment income 196 193 374 386
Net gain on sale of investment securities available-for-sale 27   273 815
Total noninterest income 3,695 2,001 6,218 4,931
Noninterest expense:        
Salaries and employee benefits expense 5,494 4,985 9,961 10,041
Net occupancy and equipment expense 854 1,068 2,044 2,248
Amortization of intangible assets 132 169 264 339
Goodwill impairment   24,754   24,754
Net cost (benefit) of operation of other real estate owned 7   (22) (11)
Other expenses 3,037 2,978 5,664 5,795
Total noninterest expense 9,524 33,954 17,911 43,166
Income (loss) before income taxes 5,922 (24,294) 9,668 (23,605)
Income tax expense (benefit) 1,142 (172) 1,828 (116)
Net income (loss) 4,780 (24,122) 7,840 (23,489)
Other comprehensive income:        
Unrealized gain (loss) on investment securities available-for-sale 1,279 840 (1,750) 1,893
Reclassification adjustment for net gain on sale of investment securities available-for-sale included in net income (loss) [1] (27)   (273) (815)
Net change in cash flow hedge (284) (38) 373 (38)
Other comprehensive income (loss) 968 802 (1,650) 1,040
Income tax expense (benefit) related to other comprehensive income 203 168 (347) 218
Other comprehensive income (loss), net of income taxes 765 634 (1,303) 822
Comprehensive income (loss) $ 5,545 $ (23,488) $ 6,537 $ (22,667)
Net income (loss):        
Basic $ 0.51 $ (2.61) $ 0.84 $ (2.54)
Diluted $ 0.51 $ (2.61) $ 0.84 $ (2.54)
Average common shares outstanding:        
Basic 9,357,153 9,249,184 9,349,266 9,236,314
Diluted 9,366,651 9,249,184 9,354,161 9,236,314
Service Charges, Fees and Commissions [Member]        
Noninterest income:        
Noninterest income $ 2,755 $ 1,011 $ 4,229 $ 2,392
Commission and Fees on Fiduciary Activities [Member]        
Noninterest income:        
Noninterest income 294 210 554 423
Wealth Management Income [Member]        
Noninterest income:        
Noninterest income 238 196 452 416
Mortgage Banking Income [Member]        
Noninterest income:        
Noninterest income $ 185 $ 391 $ 336 $ 499
[1] Represents amounts reclassified out of accumulated other comprehensive income and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income.