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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST INCOME        
Federal funds sold and interest-bearing deposits $ 50 $ 11 $ 135 $ 26
FHLB stock 67 36 173 117
Securities:        
Taxable 456 349 1,246 1,100
Tax-exempt 43 71 160 213
Total securities 499 420 1,406 1,313
Loans:        
SBA loans 822 696 2,331 1,980
SBA 504 loans 321 353 1,050 1,068
Commercial loans 6,138 5,378 17,676 15,720
Residential mortgage loans 3,138 2,811 9,017 8,108
Consumer loans 1,046 849 2,956 2,322
Total loans 11,465 10,087 33,030 29,198
Total interest income 12,081 10,554 34,744 30,654
INTEREST EXPENSE        
Interest-bearing demand deposits 129 108 390 317
Savings deposits 458 255 1,206 789
Time deposits 920 839 2,824 2,250
Borrowed funds and subordinated debentures 701 730 2,122 2,289
Total interest expense 2,208 1,932 6,542 5,645
Net interest income 9,873 8,622 28,202 25,009
Provision for loan losses 420 200 1,020 400
Net interest income after provision for loan losses 9,453 8,422 27,182 24,609
NONINTEREST INCOME        
Branch fee income 321 399 940 1,118
Service and loan fee income 274 306 796 1,068
Gain on sale of SBA loans held for sale, net 639 308 1,584 671
Gain on sale of mortgage loans, net 609 926 1,917 1,957
BOLI income 97 95 283 284
Net security gains 11 0 186 28
Gain on repurchase of subordinated debt 0 0 2,264 0
Other income 222 241 716 683
Total noninterest income 2,173 2,275 8,686 5,809
NONINTEREST EXPENSE        
Compensation and benefits 3,872 3,814 11,130 10,767
Occupancy 611 598 1,742 1,871
Processing and communications 647 631 1,845 1,841
Furniture and equipment 432 393 1,247 1,189
Professional services 216 251 710 729
Loan costs 86 265 343 647
OREO expenses 74 15 179 117
Deposit insurance 168 163 494 496
Advertising 304 203 848 728
Other expenses 583 519 1,790 1,619
Total noninterest expense 6,993 6,852 20,328 20,004
Income before provision for income taxes 4,633 3,845 15,540 10,414
Provision for income taxes 1,613 1,294 5,491 3,496
Net income $ 3,020 $ 2,551 $ 10,049 $ 6,918
Net income per common share - Basic (in dollars per share) [1] $ 0.32 $ 0.28 $ 1.08 $ 0.75
Net income per common share - Diluted (in dollars per share) [1] $ 0.32 $ 0.27 $ 1.06 $ 0.74
Weighted average common shares outstanding - Basic (in shares) [1] 9,339 9,270 9,320 9,265
Weighted average common shares outstanding - Diluted (in shares) [1] 9,496 9,389 9,468 9,377
[1] All share information has been adjusted for the 10% stock dividend paid September 30, 2016.