Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest income:      
Interest and fees on loans $ 119,904 $ 87,546 $ 55,087
Interest and dividends on investment securities 2,340 4,624 1,508
Other interest income 1,301 3,090 744
Total interest income 123,545 95,260 57,339
Interest expense:      
Interest on deposits 14,570 15,540 8,482
Interest on FHLB advances and other borrowings 3,040 1,830 1,842
Total interest expense 17,610 17,370 10,324
Net interest income 105,935 77,890 47,015
Provision for loan losses 11,257 2,856 2,160
Net interest income after provision for loan losses 94,678 75,034 44,855
Noninterest income:      
Service charges and fees 5,660 3,710 1,887
SBA loans servicing fees 1,192 929 2,727
Mortgage referral fees 1,334 713 621
Gain on sales of loans, net 5,496 4,014 5,120
Gain on sales of investment securities 1,031 4,582  
Swap Fees 1,746    
Swap Referral Fees 1,950    
Other noninterest income 467 619 134
Total noninterest income 18,876 14,567 10,489 [1]
Noninterest expense:      
Salaries and employee benefits 41,756 36,175 27,512
Occupancy and equipment expenses 10,047 6,884 5,215
Professional services 2,687 4,054 3,055
Data processing and network 3,973 3,036 1,276
Regulatory assessments and insurance 1,847 422 1,094
Amortization of intangibles 3,663 3,630 917
Advertising 679 623 381
Marketing 276 538 508
Telephone expense 2,013 993 414
Conversion expense 1,841 1,992 160
Other operating expenses 6,002 4,697 2,832
Total noninterest expense 74,784 63,044 43,364
Income before income tax expense 38,770 26,557 11,980
Income tax expense 7,459 5,421 2,002
Net income $ 31,311 $ 21,136 $ 9,978
Earnings per common share:      
Basic $ 1.78 $ 1.44 $ 1.08
Diluted $ 1.77 $ 1.40 $ 1.03
Weighted average common shares outstanding:      
Basic 17,567,117 14,697,342 9,258,216
Diluted 17,649,463 15,112,827 9,642,408
[1] The Company adopted ASU 2014-09 on January 1, 2019. 2018 amounts are shown for comparative purposes.