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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
INTEREST INCOME    
Federal funds sold and interest-bearing deposits $ 129 $ 44
FHLB stock 93 52
Securities:    
Taxable 491 363
Tax-exempt 44 62
Total securities 535 425
Loans:    
SBA loans 854 721
SBA 504 loans 301 385
Commercial loans 6,166 5,676
Residential mortgage loans 3,384 2,942
Consumer loans 1,132 931
Total loans 11,837 10,655
Total interest income 12,594 11,176
INTEREST EXPENSE    
Interest-bearing demand deposits 153 137
Savings deposits 583 366
Time deposits 804 951
Borrowed funds and subordinated debentures 664 735
Total interest expense 2,204 2,189
Net interest income 10,390 8,987
Provision for loan losses 250 200
Net interest income after provision for loan losses 10,140 8,787
NONINTEREST INCOME    
Branch fee income 331 333
Service and loan fee income 407 255
Gain on sale of SBA loans held for sale, net 485 308
Gain on sale of mortgage loans, net 637 715
BOLI income 88 94
Net security gains 0 94
Gain on repurchase of subordinated debt 0 2,264
Other income 256 217
Total noninterest income 2,204 4,280
NONINTEREST EXPENSE    
Compensation and benefits 4,095 3,549
Occupancy 600 618
Processing and communications 604 644
Furniture and equipment 511 420
Professional services 226 255
Loan collection and OREO expenses 341 72
Other loan expenses 83 104
Deposit insurance 76 160
Advertising 236 241
Director fees 197 135
Other expenses 471 409
Total noninterest expense 7,440 6,607
Income before provision for income taxes 4,904 6,460
Provision for income taxes 1,712 2,255
Net income $ 3,192 $ 4,205
Net income per common share - Basic (in dollars per share) [1] $ 0.30 $ 0.45
Net income per common share - Diluted (in dollars per share) [1] $ 0.30 $ 0.44
Weighted average common shares outstanding - Basic (in shares) [1] 10,509 9,304
Weighted average common shares outstanding - Diluted (in shares) [1] 10,705 9,550
[1] All Share information has been adjusted for the 10% stock dividend paid September 30, 2016.