v3.20.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Interest and fees on loans $ 29,912 $ 22,204 $ 57,321 $ 39,322
Interest and dividends on investment securities 457 1,302 961 2,484
Other interest income 185 794 1,085 1,378
Total interest income 30,554 24,300 59,367 43,184
Interest expense:        
Interest on deposits 3,945 3,938 8,452 7,009
Interest on FHLB advances and other borrowings 558 611 1,066 989
Total interest expense 4,503 4,549 9,518 7,998
Net interest income 26,051 19,751 49,849 35,186
Provision for loan losses 2,838 332 4,009 1,181
Net interest income after provision for loan losses 23,213 19,419 45,840 34,005
Noninterest income:        
Service charges and fees 1,270 969 2,581 1,698
SBA loan servicing fees 256 40 266 304
Mortgage referral fees 357 198 559 308
Swap referral fees 262   842  
Gain on sales of loans, net 326 1,384 790 2,188
Gain on sales of investment securities   1,053   2,134
Other noninterest income 94 131 239 200
Total noninterest income 2,565 3,775 5,277 6,832
Noninterest expense:        
Salaries and employee benefits 7,946 8,765 19,735 15,889
Occupancy and equipment expenses 2,761 1,690 5,076 2,952
Professional services 716 1,022 1,611 2,063
Data processing and network 849 731 1,592 1,216
Regulatory assessments and insurance 379 315 781 413
Amortization of intangibles 919 1,006 1,865 1,609
Advertising 119 167 272 264
Marketing 38 132 198 271
Telephone expense 483 338 890 478
Conversion expense 69 453 1,546 1,604
Other operating expenses 1,825 1,206 3,498 2,070
Total noninterest expense 16,104 15,825 37,064 28,829
Income before income tax expense 9,674 7,369 14,053 12,008
Income tax expense 1,980 1,542 2,285 2,371
Net income $ 7,694 $ 5,827 $ 11,768 $ 9,637
Earnings per common share:        
Basic $ 0.44 $ 0.42 $ 0.66 $ 0.74
Diluted $ 0.44 $ 0.41 $ 0.65 $ 0.72
Weighted average common shares outstanding:        
Basic 17,581,959 13,765,929 17,883,034 12,963,700
Diluted 17,612,919 14,236,244 17,999,206 13,432,760

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