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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income        
Interest on investment securities $ 483 $ 217 $ 993 $ 424
Interest and fees on loans 6,781 4,846 13,201 9,424
Other interest income 139 135 289 177
Total interest income 7,403 5,198 14,483 10,025
Interest Expense        
Interest expense non-maturity deposits 363 166 704 312
Interest expense time deposits 891 702 1,700 1,310
Interest expense borrowed funds 98 80 174 190
Interest expense on subordinated debt 194 191 386 382
Interest expense, other 2 16 6 21
Total interest expense 1,548 1,155 2,970 2,215
Net interest income 5,855 4,043 11,513 7,810
Provision for loan losses 76 88 153 340
Net interest income after loan loss provision 5,779 3,955 11,360 7,470
Noninterest income        
Overdraft fees on deposits 150 141 350 281
Interchange fee income, net 116 52 196 98
Service charges on deposits 29 16 66 31
Mortgage fee income 124 27 249 42
Customer service fees 26 14 48 29
ATM income 15 7 23 13
Bank-owned life insurance income 67 49 133 98
Unrealized gain on equity securities 128 50 196 88
Other income 9 10 23 16
Total noninterest income 664 366 1,284 696
Noninterest expense        
Salaries & benefits expense 2,301 1,834 4,720 3,697
Occupancy expense 221 186 452 414
Furniture, fixture & equipment expense 215 153 419 310
Data processing expense 278 188 523 390
Office supplies expense 39 21 75 41
Professional fees 133 112 245 223
Advertising and marketing 40 27 86 59
Insurance 101 92 137 186
Foreclosed asset expense, net 79 300 102 326
Loan expense 52 58 133 86
Stockholder expense 89 35 134 69
Directors fees and expenses 92 66 199 140
Telephone expense 92 69 189 140
Amortization of core deposit intangibles 125 8 286 17
Merger expenses 49 323 1,771 323
Other operating expense 202 148 428 295
Total noninterest expense 4,108 3,620 9,899 6,716
Pre-tax income 2,335 701 2,745 1,450
Income tax expense 517 191 590 359
Net income $ 1,818 $ 510 $ 2,155 $ 1,091
Earnings per share        
Basic earnings per common share (in dollars per share) $ 0.20 $ 0.08 $ 0.23 $ 0.19
Diluted earnings per common share (in dollars per share) $ 0.19 $ 0.08 $ 0.23 $ 0.19
Weighted average common shares outstanding (in shares) 9,297,142 6,583,719 9,293,994 5,667,619
Diluted average common shares outstanding (in shares) 9,366,814 6,671,626 9,366,779 5,763,824