| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
INTEREST AND DIVIDEND INCOME | ||||||
Interest and fees on loans | ||||||
45,350 | 36,537 | 30,775 | ||||
Interest on interest earning deposits with other banks | ||||||
2,423 | 1,432 | 666 | ||||
Interest on investment securities | ||||||
635 | 618 | 534 | ||||
Dividends on other investments | ||||||
179 | 156 | 138 | ||||
Total interest income | ||||||
48,587 | 38,743 | 32,113 | ||||
INTEREST EXPENSE | ||||||
Interest on deposits | ||||||
5,802 | 3,141 | 2,139 | ||||
Interest on borrowed funds | ||||||
774 | 785 | 736 | ||||
Total interest expense | ||||||
6,576 | 3,926 | 2,875 | ||||
Net interest income | ||||||
42,011 | 34,817 | 29,238 | ||||
PROVISION FOR LOAN LOSSES | ||||||
2,544 | 1,826 | 870 | ||||
Net interest income after provision for loan losses | ||||||
39,467 | 32,991 | 28,368 | ||||
NONINTEREST INCOME | ||||||
Sublease and lease income | ||||||
58 | 81 | 222 | ||||
Gain on sales of loans, net | ||||||
490 | 264 | 102 | ||||
Gain on sale of securities, net | ||||||
171 | - | - | ||||
Other income | ||||||
487 | 519 | 519 | ||||
Total noninterest income | ||||||
8,258 | 5,467 | 4,154 | ||||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | ||||||
18,959 | 16,026 | 13,383 | ||||
Occupancy | ||||||
3,775 | 3,314 | 3,037 | ||||
Data processing | ||||||
2,081 | 1,971 | 1,777 | ||||
Director and staff expenses | ||||||
1,000 | 701 | 561 | ||||
Excise taxes | ||||||
719 | 559 | 459 | ||||
Marketing | ||||||
393 | 391 | 455 | ||||
Legal and professional fees | ||||||
1,103 | 677 | 355 | ||||
Federal Deposit Insurance Corporation (FDIC) assessments | ||||||
184 | 295 | - | ||||
Federal Deposit Insurance Corporation (FDIC) assessments | ||||||
- | - | 331 | ||||
Business development | ||||||
431 | 326 | 294 | ||||
Other expense | ||||||
2,418 | 1,956 | 1,781 | ||||
Total noninterest expense | ||||||
31,063 | 26,216 | 22,433 | ||||
Income before provision for income taxes | ||||||
16,662 | 12,242 | 10,089 | ||||
PROVISION FOR INCOME TAXES | ||||||
3,461 | 2,541 | 4,653 | ||||
NET INCOME | ||||||
13,201 | 9,701 | 5,436 | ||||
Basic earnings per common share | ||||||
1.11 | 0.93 | 0.59 | ||||
Diluted earnings per common share | ||||||
1.08 | 0.91 | 0.59 | ||||
Weighted average number of common shares outstanding: | ||||||
Basic | ||||||
11,896 | 10,440 | 9,234 | ||||
Diluted | ||||||
12,196 | 10,608 | 9,237 | ||||
Deposit Service Charges and Fees | ||||||
Noninterest income | ||||||
3,107 | 3,061 | 2,617 | ||||
BaaS fees | ||||||
Noninterest income | ||||||
2,060 | 709 | - | ||||
Loan Referral Fees | ||||||
Noninterest income | ||||||
1,438 | 618 | 439 | ||||
Mortgage Broker Fees | ||||||
Noninterest income | ||||||
447 | 215 | 255 | ||||