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Consolidated Statements of Operations [Unaudited] - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and Dividend Income        
Interest and fees on loans $ 5,924,000 $ 4,667,000 $ 11,470,000 $ 9,358,000
Interest on investment securities 119,000 133,000 235,000 268,000
Dividends on investment securities 60,000 42,000 117,000 83,000
Other interest income 17,000 14,000 46,000 26,000
Total interest and dividend income 6,120,000 4,856,000 11,868,000 9,735,000
Interest Expense        
Interest on deposits 513,000 607,000 1,042,000 1,244,000
Interest on Federal Home Loan Bank borrowings 85,000 33,000 156,000 66,000
Interest on subordinated debt 73,000 82,000 144,000 282,000
Total interest expense 671,000 722,000 1,342,000 1,592,000
Net interest income 5,449,000 4,134,000 10,526,000 8,143,000
Provision for Loan Losses     250,000  
Net interest income after provision for loan losses 5,449,000 4,134,000 10,276,000 8,143,000
Non-Interest Income        
Loan application, inspection & processing fees 105,000 100,000 155,000 166,000
Deposit fees and service charges 147,000 233,000 321,000 452,000
Earnings on cash surrender value of life insurance   116,000   237,000
Other income 199,000 174,000 369,000 361,000
Total non-interest income 451,000 623,000 845,000 1,216,000
Non-Interest Expense        
Salaries and benefits 2,395,000 1,976,000 4,739,000 3,947,000
Occupancy and equipment expense 909,000 865,000 1,864,000 1,787,000
Data processing expense 255,000 279,000 505,000 529,000
Professional and other outside services 391,000 457,000 960,000 928,000
Advertising and promotional expenses 137,000 73,000 187,000 124,000
Loan administration and processing expenses 7,000 19,000 29,000 36,000
Regulatory assessments 157,000 237,000 311,000 467,000
Insurance expense 83,000 78,000 164,000 175,000
Other real estate operations, net   (4,000)   12,000
Material and communications 106,000 84,000 187,000 177,000
Other operating expenses 319,000 168,000 544,000 333,000
Total non-interest expense 4,759,000 4,232,000 9,490,000 8,515,000
Income before income taxes 1,141,000 525,000 1,631,000 844,000
Provision for income taxes 452,000 0 653,000 0
Net income $ 689,000 $ 525,000 $ 978,000 $ 844,000
Basic and diluted income per share (1) (in Dollars per share) [1],[2] $ 0.18 $ 0.14 $ 0.25 $ 0.22
[1] All common stock data has been restated for a 1-for-10 reverse stock split which took effect on March 4, 2015
[2] All common stock data has been restated for a 1-for-10 reverse stock split which took effect on March 4, 2015.