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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and fees on loans:        
Taxable $ 14,829 $ 14,097 $ 45,010 $ 36,558
Tax-exempt 45 25 134 81
Interest on securities:        
Taxable 675 723 2,058 1,655
Tax-exempt 78 84 261 232
Other interest income 403 362 1,155 758
Total interest income 16,030 15,291 48,618 39,284
INTEREST EXPENSE:        
Deposits 2,464 1,698 7,333 4,536
Borrowings 242 379 728 1,412
Total interest expense 2,706 2,077 8,061 5,948
Net interest income 13,324 13,214 40,557 33,336
Provision for loan losses 50 50 350 200
Net interest income after provision for loan losses 13,274 13,164 40,207 33,136
OTHER INCOME:        
Deposit service fees 383 414 1,197 1,006
Income from mortgage loans sold on the secondary market 586 423 1,253 877
SBA/USDA loan sale gains 496 184 650 318
Net mortgage servicing fees 238 110 486 123
Other 175 212 519 496
Total other income 1,878 1,343 4,105 2,820
OTHER EXPENSE:        
Salaries and employee benefits 5,669 5,600 16,615 14,627
Occupancy 987 963 3,072 2,702
Furniture and equipment 768 681 2,209 1,856
Data processing 785 720 2,202 1,810
Advertising 203 258 726 645
Professional service fees 536 421 1,517 1,122
Loan origination expenses and deposit and card related fees 314 242 677 516
Writedowns and losses on other real estate held for sale (24) 36 77 102
FDIC insurance assessment (141)      
FDIC insurance assessment   201 70 544
Communications 221 171 681 478
Transaction related expenses   350   2,463
Other 1,126 975 3,105 2,758
Total other expenses 10,444 10,618 30,951 29,623
Income before provision for income taxes 4,708 3,889 13,361 6,333
Provision for income taxes 989 820 2,806 1,331
NET INCOME $ 3,719 $ 3,069 $ 10,555 $ 5,002
INCOME PER COMMON SHARE:        
Basic (in dollars per share) $ 0.35 $ 0.29 $ 0.98 $ 0.60
Diluted (in dollars per share) $ 0.35 $ 0.29 $ 0.98 $ 0.60