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Consolidated Statements of Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:        
Loans, including fees $ 27,126,000 $ 28,860,000 $ 80,063,000 $ 85,727,000
Mortgage-backed securities 393,000 652,000 1,450,000 2,160,000
Other investment securities 693,000 107,000 947,000 432,000
FHLB stock and other interest earning assets 254,000 1,750,000 2,631,000 4,270,000
Total interest income 28,466,000 31,369,000 85,091,000 92,589,000
Deposits:        
Demand 1,157,000 1,898,000 4,927,000 5,224,000
Savings and club 113,000 102,000 324,000 325,000
Certificates of deposit 4,531,000 6,603,000 16,658,000 18,690,000
Total deposits 5,801,000 8,603,000 21,909,000 24,239,000
Borrowings 1,775,000 2,006,000 5,523,000 5,823,000
Total interest expense 7,576,000 10,609,000 27,432,000 30,062,000
Net interest income 20,890,000 20,760,000 57,659,000 62,527,000
Provision for loan losses 2,726,000 900,000 7,526,000 2,544,000
Net interest income after provision for loan losses 18,164,000 19,860,000 50,133,000 59,983,000
Non-interest income:        
Fees and service charges 875,000 855,000 2,138,000 2,540,000
Gain on sales of loans 174,000 89,000 292,000 844,000
Gain on bulk sale of impaired loans held in portfolio       107,000
Gain on sales of other real estate owned   124,000   177,000
Gain on sale of investment securities 306,000 283,000 306,000 304,000
Gain on sale of premises 4,378,000   4,378,000  
BOLI income 385,000   385,000  
Realized and unrealized gain (loss) on equity investments 778,000 (45,000) 820,000 220,000
Other 59,000 77,000 427,000 179,000
Total non-interest income 6,955,000 1,383,000 8,746,000 4,371,000
Non-interest expense:        
Salaries and employee benefits 6,385,000 7,294,000 19,456,000 21,127,000
Occupancy and equipment 2,996,000 2,647,000 8,730,000 7,926,000
Data processing and service fees 937,000 776,000 2,826,000 2,128,000
Professional fees 421,000 368,000 1,289,000 1,474,000
Director fees 471,000 356,000 1,194,000 990,000
Regulatory assessments (credits) 311,000 (91,000) 883,000 783,000
Advertising and promotional 18,000 64,000 105,000 260,000
Other real estate owned, net 11,000 (31,000) 58,000 77,000
Loss from extinguishment of debt 313,000   313,000  
Other 1,479,000 2,269,000 4,804,000 6,558,000
Total non-interest expense 13,342,000 13,652,000 39,658,000 41,323,000
Income before income tax provision 11,777,000 7,591,000 19,221,000 23,031,000
Income tax provision 3,465,000 2,359,000 5,662,000 7,121,000
Net Income 8,312,000 5,232,000 13,559,000 15,910,000
Preferred stock dividends 332,000 342,000 1,014,000 1,002,000
Net Income available to common stockholders $ 7,980,000 $ 4,890,000 $ 12,545,000 $ 14,908,000
Net Income per common share-basic and diluted        
Basic $ 0.47 $ 0.30 $ 0.73 $ 0.91
Diluted $ 0.47 $ 0.30 $ 0.73 $ 0.91
Weighted average number of common shares outstanding        
Basic 17,069 16,468 17,250 16,320
Diluted 17,069 16,523 17,268 16,369