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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and Dividend Income        
Interest and fees on loans $ 8,522,000 $ 6,188,000 $ 22,720,000 $ 17,811,000
Interest on investment securities 275,000 131,000 688,000 405,000
Dividends on investment securities 105,000 88,000 280,000 264,000
Other interest income 65,000 25,000 148,000 94,000
Total interest and dividend income 8,967,000 6,432,000 23,836,000 18,574,000
Interest Expense        
Interest on deposits 1,339,000 549,000 3,457,000 1,518,000
Interest on Federal Home Loan Bank borrowings 248,000 73,000 509,000 258,000
Interest on senior debt 229,000 0 686,000
Interest on subordinated debt 92,000 85,000 266,000 250,000
Interest on note payable 7,000 9,000 24,000 25,000
Total interest expense 1,915,000 716,000 4,942,000 2,051,000
Net interest income 7,052,000 5,716,000 18,894,000 16,523,000
Provision (Credit) for Loan Losses 545,000 355,000 (944,000) 2,314,000
Net interest income after provision (credit) for loan losses 6,507,000 5,361,000 19,838,000 14,209,000
Non-interest Income        
Loan application, inspection and processing fees 25,000 64,000 61,000 152,000
Deposit fees and service charges 149,000 150,000 444,000 451,000
Rental Income 117,000 104,000 302,000 311,000
Loss on sale of investment securities 0 0 (78,000) 0
Other income 95,000 94,000 283,000 273,000
Total non-interest income 386,000 412,000 1,012,000 1,187,000
Non-interest Expense        
Salaries and benefits 2,741,000 2,169,000 7,668,000 7,334,000
Occupancy and equipment expense 796,000 783,000 2,378,000 2,313,000
Data processing expense 340,000 288,000 786,000 814,000
Professional and other outside services 449,000 409,000 1,651,000 1,182,000
Advertising and promotional expense 81,000 128,000 266,000 341,000
Loan administration and processing expense 22,000 14,000 45,000 30,000
Regulatory assessments 230,000 159,000 572,000 453,000
Insurance expense 66,000 57,000 181,000 168,000
Material and communications 97,000 106,000 287,000 314,000
Other operating expense 400,000 328,000 1,096,000 992,000
Total non-interest expense 5,222,000 4,441,000 14,930,000 13,941,000
Income before income taxes 1,671,000 1,332,000 5,920,000 1,455,000
Expense for Income Taxes 658,000 518,000 2,373,000 570,000
Net income $ 1,013,000 $ 814,000 $ 3,547,000 $ 885,000
Basic earnings per common share (in dollars per share) $ 0.26 $ 0.21 $ 0.91 $ 0.22
Diluted earnings per common share (in dollars per share) $ 0.26 $ 0.21 $ 0.91 $ 0.22