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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest and Dividend Income        
Interest and fees on loans $ 5,879,000 $ 4,792,000 $ 17,349,000 $ 14,150,000
Interest on investment securities 115,000 130,000 350,000 398,000
Dividends on investment securities 85,000 39,000 202,000 122,000
Other interest income 30,000 16,000 76,000 42,000
Total interest and dividend income 6,109,000 4,977,000 17,977,000 14,712,000
Interest Expense        
Interest on deposits 498,000 579,000 1,540,000 1,823,000
Interest on Federal Home Loan Bank borrowings 90,000 41,000 246,000 107,000
Interest on subordinated debt 74,000 71,000 218,000 353,000
Interest on other borrowings 3,000   3,000  
Total interest expense 665,000 691,000 2,007,000 2,283,000
Net interest income 5,444,000 4,286,000 15,970,000 12,429,000
Provision for Loan Losses     250,000  
Net interest income after provision for loan losses 5,444,000 4,286,000 15,720,000 12,429,000
Non-Interest Income        
Loan application, inspection & processing fees 16,000 44,000 171,000 210,000
Deposit fees and service charges 148,000 250,000 469,000 702,000
Earnings on cash surrender value of life insurance   116,000   353,000
Rental Income 107,000 88,000 305,000 267,000
Other income 91,000 89,000 262,000 271,000
Total non-interest income 362,000 587,000 1,207,000 1,803,000
Non-Interest Expense        
Salaries and benefits 2,245,000 2,090,000 6,984,000 6,037,000
Occupancy and equipment expense 814,000 840,000 2,678,000 2,627,000
Data processing expense 298,000 312,000 803,000 841,000
Professional and other outside services 322,000 422,000 1,282,000 1,350,000
Advertising and promotional expenses 329,000 61,000 516,000 185,000
Loan administration and processing expenses 8,000 29,000 37,000 65,000
Regulatory assessments 140,000 233,000 451,000 700,000
Insurance expense 79,000 88,000 243,000 263,000
Other real estate operations, net       12,000
Material and communications 95,000 97,000 282,000 274,000
Other operating expenses 423,000 252,000 967,000 585,000
Total non-interest expense 4,753,000 4,424,000 14,243,000 12,939,000
Income before income taxes 1,053,000 449,000 2,684,000 1,293,000
Provision for income taxes 420,000 (16,812,000) 1,073,000 (16,812,000)
Net income $ 633,000 $ 17,261,000 $ 1,611,000 $ 18,105,000
Basic income per share (1) (in Dollars per share) [1],[2] $ 0.16 $ 4.48 $ 0.42 $ 4.70
Diluted income per share (1) (in Dollars per share) [1],[2] $ 0.16 $ 4.45 $ 0.41 $ 4.66
[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.