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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME        
Interest-bearing deposits $ 48 $ 24 $ 105 $ 236
FHLB stock 41 79 157 268
Securities:        
Taxable 292 383 837 1,331
Tax-exempt 8 11 26 50
Total securities 300 394 863 1,381
Loans:        
SBA loans 864 631 2,423 2,323
SBA PPP loans 1,751 1,036 5,228 1,760
Commercial loans 11,280 10,099 32,490 29,848
Residential mortgage loans 4,606 5,490 14,640 16,814
Consumer loans 736 843 2,274 2,678
Residential construction loans 1,628 1,168 4,330 3,321
Total loans 20,865 19,267 61,385 56,744
Total interest income 21,254 19,764 62,510 58,629
INTEREST EXPENSE        
Interest-bearing demand deposits 247 318 863 1,025
Savings deposits 390 502 1,241 2,000
Time deposits 659 2,157 3,293 7,056
Borrowed funds and subordinated debentures 235 460 922 1,449
Total interest expense 1,531 3,437 6,319 11,530
Net interest income 19,723 16,327 56,191 47,099
Provision for loan losses   2,000 500 6,000
Net interest income after provision for loan losses 19,723 14,327 55,691 41,099
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net   534 741 1,099
Gain on sale of mortgage loans, net 968 1,713 3,785 4,317
BOLI income 138 147 399 474
Net security gains (losses) 202 (96) 535 (187)
Other income 403 382 1,175 1,043
Total noninterest income 2,809 3,336 9,430 8,692
NONINTEREST EXPENSE        
Compensation and benefits 5,720 5,761 18,116 16,752
Processing and communications 747 722 2,303 2,199
Occupancy 654 639 1,991 1,892
Furniture and equipment 627 637 1,935 1,933
Professional services 315 274 1,035 805
Advertising 261 191 932 688
Other loan expenses 452 216 759 473
BSA expenses 214 626 664 1,176
Deposit insurance 198 197 637 444
Director fees 189 191 600 572
Loan collection & OREO expenses 62 33 67 220
Other expenses 421 550 1,084 1,386
Total noninterest expense 9,860 10,037 30,123 28,540
Income before provision for income taxes 12,672 7,626 34,998 21,251
Provision for income taxes 3,213 1,866 8,625 4,952
Net income $ 9,459 $ 5,760 $ 26,373 $ 16,299
Net income per common share - Basic $ 0.91 $ 0.54 $ 2.53 $ 1.51
Net income per common share - Diluted $ 0.90 $ 0.54 $ 2.50 $ 1.50
Weighted average common shares outstanding - Basic 10,372 10,630 10,412 10,768
Weighted average common shares outstanding - Diluted 10,507 10,706 10,546 10,875
Branch fee income        
NONINTEREST INCOME        
Noninterest income $ 294 $ 237 $ 858 $ 761
Service and loan fee income        
NONINTEREST INCOME        
Noninterest income $ 804 $ 419 $ 1,937 $ 1,185