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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and Dividend Income        
Interest and fees on loans $ 9,413,000 $ 8,522,000 $ 27,388,000 $ 22,720,000
Interest on investment securities 364,000 275,000 921,000 688,000
Dividends on investment securities 125,000 105,000 374,000 280,000
Other interest income 342,000 65,000 763,000 148,000
Total interest and dividend income 10,244,000 8,967,000 29,446,000 23,836,000
Interest Expense        
Interest on deposits 2,457,000 1,339,000 6,111,000 3,457,000
Interest on Federal Home Loan Bank borrowings 486,000 248,000 1,245,000 509,000
Interest on senior debt 229,000 229,000 686,000 686,000
Interest on subordinated debt 278,000 92,000 489,000 266,000
Interest on note payable 6,000 7,000 23,000 24,000
Total interest expense 3,456,000 1,915,000 8,554,000 4,942,000
Net interest income 6,788,000 7,052,000 20,892,000 18,894,000
Provision (Credit) for Loan Losses 50,000 545,000 285,000 (944,000)
Net interest income after provision (credit) for loan losses 6,738,000 6,507,000 20,607,000 19,838,000
Non-interest Income        
Loan application, inspection and processing fees 16,000 25,000 36,000 61,000
Deposit fees and service charges 126,000 149,000 392,000 444,000
Gains on sale of loans 3,000 69,000
Rental Income 115,000 117,000 282,000 302,000
Loss on sale of investment securities (78,000)
Other income 94,000 95,000 283,000 283,000
Total non-interest income 354,000 386,000 1,062,000 1,012,000
Non-interest Expense        
Salaries and benefits 2,794,000 2,741,000 8,417,000 7,668,000
Occupancy and equipment expense 829,000 796,000 2,346,000 2,378,000
Data processing expense 333,000 340,000 972,000 786,000
Professional and other outside services 565,000 410,000 1,594,000 1,612,000
Merger and tax initiative project expenses 653,000 39,000 1,768,000 39,000
Advertising and promotional expense 57,000 81,000 194,000 266,000
Loan administration and processing expense 25,000 22,000 68,000 45,000
Regulatory assessments 275,000 230,000 825,000 572,000
Insurance (income) expense (56,000) 66,000 52,000 181,000
Communications, stationary and supplies 146,000 97,000 369,000 287,000
Other operating expense 426,000 400,000 1,194,000 1,096,000
Total non-interest expense 6,047,000 5,222,000 17,799,000 14,930,000
Income before income taxes 1,045,000 1,671,000 3,870,000 5,920,000
Provision for Income Taxes 276,000 658,000 1,000,000 2,373,000
Net income $ 769,000 $ 1,013,000 $ 2,870,000 $ 3,547,000
Basic earnings per common share (in dollars per share) $ 0.20 $ 0.26 $ 0.74 $ 0.91
Diluted earnings per common share (in dollars per share) $ 0.20 $ 0.26 $ 0.73 $ 0.91