Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Interest income:    
Interest and fees on loans $ 12,291 $ 10,445
Interest and dividends on investment securities 214
Other interest income 148 306
Total interest income 12,653 10,751
Interest expense:    
Interest on deposits 1,731 1,585
Interest on FHLB advances and other borrowings 541 391
Total interest expense 2,272 1,976
Net interest income 10,381 8,775
Provision for loan losses 339 550
Net interest income after provision for loan losses 10,042 8,225
Noninterest income:    
Service charges and fees 357 384
SBA loan servicing fees 624 546
Mortgage referral fees 156 130
Gain on sales of loans, net 1,474 1,030
Gain (loss) on sales of other assets (32) (22)
Other noninterest income 9 7
Total noninterest income 2,588 2,075
Noninterest expense:    
Salaries and employee benefits 6,858 6,604
Occupancy and equipment expenses 1,236 1,201
Loan and other real estate related expenses 63 123
Professional services 311 273
Data processing and network 313 269
Regulatory assessments and insurance 255 232
Amortization of intangibles 176 176
Advertising 115 127
Marketing 118 131
Telephone expense 98 135
Other operating expenses 583 639
Total noninterest expense 10,126 9,910
Income before income tax expense 2,504 390
Income tax expense 491 171
Net income $ 2,013 $ 219
Earnings per common share:    
Basic $ 0.27 $ 0.03
Diluted $ 0.27 $ 0.03
Weighted average common shares outstanding:    
Basic 7,348,992 7,099,941
Diluted 7,543,606 7,406,228