XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
INTEREST INCOME        
Federal funds sold, interest-bearing deposits and repos $ 171 $ 203 $ 376 $ 332
FHLB stock 123 73 257 166
Securities:        
Taxable 484 538 976 1,030
Tax-exempt 30 44 61 88
Total securities 514 582 1,037 1,118
Loans:        
SBA loans 1,131 886 2,314 1,739
Commercial loans 8,209 6,882 15,934 13,350
Residential mortgage loans 4,522 3,584 8,863 6,967
Consumer loans 1,699 1,267 3,228 2,400
Total loans 15,561 12,619 30,339 24,456
Total interest income 16,369 13,477 32,009 26,072
INTEREST EXPENSE        
Interest-bearing demand deposits 259 161 483 314
Savings deposits 943 678 1,719 1,261
Time deposits 1,303 814 2,302 1,618
Borrowed funds and subordinated debentures 720 674 1,489 1,338
Total interest expense 3,225 2,327 5,993 4,531
Net interest income 13,144 11,150 26,016 21,541
Provision for loan losses 550 400 1,050 650
Net interest income after provision for loan losses 12,594 10,750 24,966 20,891
NONINTEREST INCOME        
Branch fee income 419 344 750 675
Service and loan fee income 411 512 976 1,024
Gain on sale of SBA loans held for sale, net 582 479 1,130 963
Gain on sale of mortgage loans, net 421 264 845 796
BOLI income 175 89 346 178
Net security gains (losses) 7 16 (9) 16
Other income 297 317 560 573
Total noninterest income 2,312 2,021 4,598 4,225
NONINTEREST EXPENSE        
Compensation and benefits 4,736 4,299 9,570 8,394
Occupancy 693 590 1,383 1,190
Processing and communications 674 632 1,363 1,236
Furniture and equipment 610 513 1,146 1,024
Professional services 161 251 412 477
Loan collection and OREO expenses 6 38 11 379
Other loan expenses 53 18 86 102
Deposit insurance 216 144 402 220
Advertising 362 323 681 560
Director fees 165 149 327 346
Other expenses 482 464 970 934
Total noninterest expense 8,158 7,421 16,351 14,862
Income before provision for income taxes 6,748 5,350 13,213 10,254
Provision for income taxes 1,351 1,906 2,586 3,618
Net income $ 5,397 $ 3,444 $ 10,627 $ 6,636
Net income per common share - Basic (in dollars per share) $ 0.50 $ 0.33 $ 0.99 $ 0.63
Net income per common share - Diluted (in dollars per share) $ 0.49 $ 0.32 $ 0.98 $ 0.62
Weighted average common shares outstanding - Basic (in shares) 10,717 10,546 10,698 10,528
Weighted average common shares outstanding - Diluted (in shares) 10,915 10,735 10,897 10,720