v3.20.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Interest and fees on loans $ 29,901 $ 23,064 $ 87,222 $ 62,386
Interest and dividends on investment securities 465 1,143 1,426 3,627
Other interest income 115 794 1,200 2,172
Total interest income 30,481 25,001 89,848 68,185
Interest expense:        
Interest on deposits 3,392 4,097 11,844 11,106
Interest on FHLB advances and other borrowings 875 425 1,941 1,414
Total interest expense 4,267 4,522 13,785 12,520
Net interest income 26,214 20,479 76,063 55,665
Provision for loan losses 2,831 900 6,840 2,081
Net interest income after provision for loan losses 23,383 19,579 69,223 53,584
Noninterest income:        
Service charges and fees 1,525 866 4,106 2,564
SBA loan servicing fees 619 234 885 538
Mortgage referral fees 428 173 987 481
Swap referral fees 494   1,336  
Gain on sales of loans, net 612 1,151 1,402 3,339
Gain on sales of investment securities 1,031   1,031 2,134
Other noninterest income 110 257 349 457
Total noninterest income 4,819 2,681 10,096 9,513
Noninterest expense:        
Salaries and employee benefits 11,365 9,502 31,100 25,391
Occupancy and equipment expenses 2,222 1,710 7,298 4,662
Professional services 555 791 2,166 2,854
Data processing and network 1,002 884 2,594 2,100
Regulatory assessments and insurance 517 (256) 1,298 157
Amortization of intangibles 919 1,015 2,784 2,624
Advertising 333 134 605 398
Marketing 18 136 216 407
Telephone expense 563 289 1,453 767
Conversion expense 279 314 1,825 1,918
Other operating expenses 1,520 1,037 5,018 3,107
Total noninterest expense 19,293 15,556 56,357 44,385
Income before income tax expense 8,909 6,704 22,962 18,712
Income tax expense 1,821 1,374 4,106 3,745
Net income $ 7,088 $ 5,330 $ 18,856 $ 14,967
Earnings per common share:        
Basic $ 0.41 $ 0.35 $ 1.07 $ 1.09
Diluted $ 0.41 $ 0.34 $ 1.06 $ 1.05
Weighted average common shares outstanding:        
Basic 17,340,898 15,370,480 17,701,003 13,774,776
Diluted 17,383,427 15,771,249 17,771,665 14,198,926

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