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 |
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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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- Definition Conversion expense. No definition available.
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- Definition Mortgage referral fees. No definition available.
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- Definition Occupancy and equipment expenses. No definition available.
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- Definition Regulatory assessments and insurance. No definition available.
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- Definition Service charges and fees. No definition available.
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- Definition Swap referral fees. No definition available.
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- Definition Telephone expense. No definition available.
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- Definition Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Income from mortgage banking activities (fees and commissions) and servicing real estate mortgages, credit cards, and other financial assets held by others net of any related impairment of capitalized service costs. Also includes any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans. No definition available.
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- Definition The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of operating dividend and interest income, including amortization and accretion of premiums and discounts, on securities. No definition available.
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- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Aggregate amount of interest expense on all borrowings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Expenditures for planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. Costs of public relations and corporate promotions are typically considered to be marketing costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after discount, accretion and premium amortization, of interest income and dividend income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of credit loss expense (reversal of expense) for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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