v3.20.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest income:    
Interest and fees on loans $ 27,409 $ 17,118
Interest and dividends on investment securities 504 1,182
Other interest income 900 584
Total interest income 28,813 18,884
Interest expense:    
Interest on deposits 4,507 3,071
Interest on FHLB advances and other borrowings 508 378
Total interest expense 5,015 3,449
Net interest income 23,798 15,435
Provision for loan losses 1,171 849
Net interest income after provision for loan losses 22,627 14,586
Noninterest income:    
Service charges and fees 1,311 729
SBA loan servicing fees 10 264
Mortgage referral fees 202 110
Swap referral fees 580  
Gain on sales of loans, net 464 804
Gain on sales of investment securities   1,081
Other noninterest income 145 69
Total noninterest income 2,712 3,057
Noninterest expense:    
Salaries and employee benefits 11,789 7,124
Occupancy and equipment expenses 2,315 1,262
Professional services 895 1,041
Data processing and network 743 485
Regulatory assessments and insurance 402 98
Amortization of intangibles 946 603
Advertising 153 97
Marketing 160 139
Telephone expense 407 140
Conversion expense 1,477 1,151
Other operating expenses 1,673 864
Total noninterest expense 20,960 13,004
Income before income tax expense 4,379 4,639
Income tax expense 305 829
Net income $ 4,074 $ 3,810
Earnings per common share:    
Basic $ 0.22 $ 0.31
Diluted $ 0.22 $ 0.30
Weighted average common shares outstanding:    
Basic 18,184,110 12,152,558
Diluted 18,441,977 12,607,445

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