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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
INTEREST INCOME        
Federal funds sold and interest-bearing deposits $ 41 $ 6 $ 85 $ 16
FHLB stock 55 38 107 81
Securities:        
Taxable 427 363 791 750
Tax-exempt 55 71 117 143
Total securities 482 434 908 893
Loans:        
SBA loans 788 605 1,509 1,284
SBA 504 loans 344 369 729 715
Commercial loans 5,860 5,276 11,538 10,342
Residential mortgage loans 2,937 2,716 5,878 5,298
Consumer loans 980 774 1,911 1,473
Total loans 10,909 9,740 21,565 19,112
Total interest income 11,487 10,218 22,665 20,102
INTEREST EXPENSE        
Interest-bearing demand deposits 124 103 261 209
Savings deposits 381 271 748 535
Time deposits 954 725 1,904 1,411
Borrowed funds and subordinated debentures 686 750 1,421 1,558
Total interest expense 2,145 1,849 4,334 3,713
Net interest income 9,342 8,369 18,331 16,389
Provision for loan losses 400 0 600 200
Net interest income after provision for loan losses 8,942 8,369 17,731 16,189
NONINTEREST INCOME        
Branch fee income 286 373 619 719
Service and loan fee income 267 466 522 762
Gain on sale of SBA loans held for sale, net 637 0 945 363
Gain on sale of mortgage loans, net 593 687 1,308 1,031
BOLI income 93 95 187 189
Net security gains 81 28 175 28
Gain on repurchase of subordinated debt 0 0 2,264 0
Other income 277 244 494 442
Total noninterest income 2,234 1,893 6,514 3,534
NONINTEREST EXPENSE        
Compensation and benefits 3,709 3,481 7,258 6,952
Occupancy 513 601 1,131 1,273
Processing and communications 600 614 1,198 1,210
Furniture and equipment 395 422 815 795
Professional services 239 242 494 478
Loan costs 59 160 257 382
OREO expenses 82 67 105 103
Deposit insurance 165 150 326 333
Advertising 303 343 544 525
Other expenses 663 572 1,210 1,103
Total noninterest expense 6,728 6,652 13,338 13,154
Income before provision for income taxes 4,448 3,610 10,907 6,569
Provision for income taxes 1,624 1,182 3,878 2,202
Net income $ 2,824 $ 2,428 $ 7,029 $ 4,367
Net income per common share - Basic (in dollars per share) $ 0.33 $ 0.29 $ 0.83 $ 0.52
Net income per common share - Diluted (in dollars per share) $ 0.33 $ 0.28 $ 0.82 $ 0.51
Weighted average common shares outstanding - Basic (in shares) 8,471 8,425 8,465 8,421
Weighted average common shares outstanding - Diluted (in shares) 8,608 8,524 8,597 8,519