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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income        
Loans, including fees $ 20,776 $ 15,833 $ 63,395 $ 43,615
Taxable securities 1,712 1,042 5,155 3,069
Tax-exempt securities 1,449 908 4,208 2,672
Federal funds sold and other 86 103 775 614
Total interest and dividend income 24,023 17,886 73,533 49,970
Interest expense        
Deposits 2,099 783 5,966 2,060
Federal Home Loan Bank advances 1,152 925 2,581 1,560
Subordinated debentures 350 349 1,094 975
Securities sold under agreements to repurchase and other 4 5 14 13
Total interest expense 3,605 2,062 9,655 4,608
Net interest income 20,418 15,824 63,878 45,362
Provision for loan losses 150 390 150 390
Net interest income after provision for loan losses 20,268 15,434 63,728 44,972
Noninterest income        
Service charges 1,726 1,219 4,733 3,712
Net gain (loss) on sale of securities 3 (392) 17 (386)
Net gain on equity securities 112 27 81 102
Net gain on sale of loans 815 428 1,701 1,235
ATM/Interchange fees 1,014 622 2,871 1,764
Wealth management fees 975 873 2,733 2,561
Bank owned life insurance 254 147 753 432
Tax refund processing fees     2,750 2,750
Other 530 364 1,177 1,123
Total noninterest income 5,429 3,288 16,816 13,293
Noninterest expense        
Compensation expense 9,707 12,054 29,059 26,812
Net occupancy expense 902 751 2,906 2,375
Equipment expense 561 371 1,504 1,069
Contracted data processing 435 3,150 1,301 6,237
FDIC assessment (1) 121 297 388
State franchise tax 499 351 1,398 1,031
Professional services 756 2,198 2,151 4,233
Amortization of intangible assets 235 26 710 85
ATM/Interchange expense 514 286 1,437 712
Marketing 404 350 1,111 988
Other operating expenses 2,719 2,498 7,944 6,358
Total noninterest expense 16,731 22,156 49,818 50,288
Income (loss) before taxes 8,966 (3,434) 30,726 7,977
Income tax expense (benefit) 1,258 (1) 4,688 1,407
Net Income (loss) 7,708 (3,433) 26,038 6,570
Preferred stock dividends 162 192 490 794
Net income (loss) available to common shareholders $ 7,546 $ (3,625) $ 25,548 $ 5,776
Earnings (loss) per common share, basic $ 0.48 $ (0.31) $ 1.64 $ 0.54
Earnings (loss) per common share, diluted $ 0.46 $ (0.31) $ 1.54 $ 0.51