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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income        
Interest and fees on loans $ 14,278 $ 12,524 $ 41,725 $ 35,042
Interest on investment securities 332 249 1,019 645
Other interest income 502 233 1,333 561
Total interest income 15,112 13,006 44,077 36,248
Interest expense        
Interest on deposits 3,893 2,477 10,883 6,071
Interest on borrowed funds   44   146
Total interest expense 3,893 2,521 10,883 6,217
Net interest income 11,219 10,485 33,194 30,031
Provision for loan losses 290 439 691 1,047
Net interest income after provision for loan losses 10,929 10,046 32,503 28,984
Noninterest income        
Service charges on deposits 469 484 1,495 1,419
Loan servicing fees, net of amortization 243 310 853 1,006
Gain on sale of loans 1,714 1,135 4,379 3,852
Other income 306 355 2,185 1,002
Total noninterest income 2,732 2,284 8,912 7,279
Noninterest expense        
Salaries and employee benefits 5,349 4,803 15,862 13,629
Occupancy and equipment 1,232 976 3,441 3,065
Data processing and communication 385 320 1,110 948
Professional fees 261 294 711 612
FDIC insurance and regulatory assessments (21) 106 188 306
Promotion and advertising 182 222 543 598
Directors’ fees 228 216 680 633
Foundation donation and other contributions 402 369 1,169 1,084
Other expenses 406 399 1,151 1,118
Total noninterest expense 8,424 7,705 24,855 21,993
Income before income taxes 5,237 4,625 16,560 14,270
Income tax expense 1,237 1,144 3,984 3,781
Net income $ 4,000 $ 3,481 $ 12,576 $ 10,489
Earnings per share - Basic $ 0.25 $ 0.22 $ 0.78 $ 0.68
Earnings per share - Diluted $ 0.24 $ 0.21 $ 0.77 $ 0.66
Other comprehensive income (loss):        
Change in unrealized income (loss) on securities available for sale $ 119 $ (257) $ 1,158 $ (863)
Tax effect (35) 76 (342) 180
Total other comprehensive income (loss) 84 (181) 816 (683)
Comprehensive income $ 4,084 $ 3,300 $ 13,392 $ 9,806