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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
INTEREST INCOME        
Federal funds sold, interest-bearing deposits and repos $ 203 $ 41 $ 332 $ 85
FHLB stock 73 55 166 107
Securities:        
Taxable 538 427 1,030 791
Tax-exempt 44 55 88 117
Total securities 582 482 1,118 908
Loans:        
SBA loans 886 788 1,739 1,509
SBA 504 loans 309 344 610 729
Commercial loans 6,573 5,860 12,740 11,538
Residential mortgage loans 3,584 2,937 6,967 5,878
Consumer loans 1,267 980 2,400 1,911
Total loans 12,619 10,909 24,456 21,565
Total interest income 13,477 11,487 26,072 22,665
INTEREST EXPENSE        
Interest-bearing demand deposits 161 124 314 261
Savings deposits 678 381 1,261 748
Time deposits 814 954 1,618 1,904
Borrowed funds and subordinated debentures 674 686 1,338 1,421
Total interest expense 2,327 2,145 4,531 4,334
Net interest income 11,150 9,342 21,541 18,331
Provision for loan losses 400 400 650 600
Net interest income after provision for loan losses 10,750 8,942 20,891 17,731
NONINTEREST INCOME        
Branch fee income 344 286 675 619
Service and loan fee income 512 267 1,024 522
Gain on sale of SBA loans held for sale, net 479 637 963 945
Gain on sale of mortgage loans, net 264 593 796 1,308
BOLI income 89 93 178 187
Net security gains 16 81 16 175
Gain on repurchase of subordinated debt 0 0 0 2,264
Other income 317 277 573 494
Total noninterest income 2,021 2,234 4,225 6,514
NONINTEREST EXPENSE        
Compensation and benefits 4,299 3,709 8,394 7,258
Occupancy 590 513 1,190 1,131
Processing and communications 632 643 1,236 1,287
Furniture and equipment 513 395 1,024 815
Professional services 251 239 477 494
Loan collection and OREO expenses 38 100 379 172
Other loan expenses 18 (2) 102 101
Deposit insurance 144 165 220 326
Advertising 323 303 560 544
Director fees 149 139 346 274
Other expenses 464 524 934 936
Total noninterest expense 7,421 6,728 14,862 13,338
Income before provision for income taxes 5,350 4,448 10,254 10,907
Provision for income taxes 1,906 1,624 3,618 3,878
Net income $ 3,444 $ 2,824 $ 6,636 $ 7,029
Net income per common share - Basic (in dollars per share) [1] $ 0.33 $ 0.30 $ 0.63 $ 0.75
Net income per common share - Diluted (in dollars per share) [1] $ 0.32 $ 0.30 $ 0.62 $ 0.74
Weighted average common shares outstanding - Basic (in shares) [1] 10,546 9,318 10,528 9,311
Weighted average common shares outstanding - Diluted (in shares) [1] 10,735 9,468 10,720 9,456
[1] All share information has been adjusted for the 10% stock dividend paid September 30, 2016.