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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest income:        
Loans, including fees $ 24,048 $ 18,026 $ 43,569 $ 35,568
Mortgage-backed securities 837 603 1,536 1,131
Municipal bonds and other debt 196 159 300 264
FHLB stock and other interest earning assets 615 281 1,233 561
Total interest income 25,696 19,069 46,638 37,524
Deposits:        
Demand 975 677 1,772 1,350
Savings and club 105 100 202 199
Certificates of deposit 3,405 2,142 6,135 4,153
Total deposits 4,485 2,919 8,109 5,702
Borrowings 1,221 1,087 2,099 2,154
Total interest expense 5,706 4,006 10,208 7,856
Net interest income 19,990 15,063 36,430 29,668
Provision for loan losses 2,060 776 3,402 1,274
Net interest income after provision for loan losses 17,930 14,287 33,028 28,394
Non-interest income:        
Fees and service charges 971 838 1,681 1,634
Gain on sales of loans 576 733 1,159 1,071
Loss on bulk sale of impaired loans held in portfolio     (24)  
(Loss) gain on sales of other real estate owned (10) 197 (10) 1,348
Unrealized loss on equity investments (33)   (160)  
Other 59 254 2,303 282
Total non-interest income 1,563 2,022 4,949 4,335
Non-interest expense:        
Salaries and employee benefits 7,125 5,878 13,392 11,968
Occupancy and equipment 2,476 1,989 4,538 4,147
Data processing and service fees 828 678 1,557 1,331
Professional fees 533 1,383 1,038 1,746
Director fees 201 198 402 378
Regulatory assessments 290 331 529 692
Advertising and promotional 100 115 185 258
Other real estate owned, net 160 13 191 55
Merger related costs 2,039   2,184  
Other 2,228 1,563 3,975 3,135
Total non-interest expense 15,980 12,148 27,991 23,710
Income before income tax provision 3,513 4,161 9,986 9,019
Income tax provision 1,200 1,648 3,041 3,593
Net Income 2,313 2,513 6,945 5,426
Preferred stock dividends 262 165 428 283
Net Income available to common stockholders $ 2,051 $ 2,348 $ 6,517 $ 5,143
Net Income per common share-basic and diluted        
Basic $ 0.13 $ 0.21 $ 0.43 $ 0.46
Diluted $ 0.13 $ 0.21 $ 0.42 $ 0.45
Weighted average number of common shares outstanding        
Basic 15,610 11,295 15,329 11,287
Diluted 15,748 11,405 15,465 11,383