|
Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Interest and dividend income: |
|
|
|
|
| Interest and fees on loans |
$ 6,364 |
$ 4,908 |
$ 18,032 |
$ 14,068 |
| Interest on taxable debt securities |
559 |
701 |
1,540 |
1,862 |
| Dividends |
10 |
5 |
38 |
109 |
| Other interest income |
18 |
6 |
72 |
16 |
| Total interest and dividend income |
6,951 |
5,620 |
19,682 |
16,055 |
| Interest expense: |
|
|
|
|
| Interest on deposits |
1,080 |
905 |
3,049 |
2,755 |
| Interest on Federal Home Loan Bank advances |
211 |
421 |
753 |
1,562 |
| Interest on securities sold under agreements to repurchase |
1 |
3 |
7 |
12 |
| Interest on other borrowed funds |
11 |
12 |
32 |
69 |
| Total interest expense |
1,303 |
1,341 |
3,841 |
4,398 |
| Net interest and dividend income |
5,648 |
4,279 |
15,841 |
11,657 |
| Provision for loan losses |
734 |
320 |
2,040 |
1,538 |
| Net interest and dividend income after provision for loan losses |
4,914 |
3,959 |
13,801 |
10,119 |
| Noninterest income: |
|
|
|
|
| Customer service fees |
230 |
187 |
628 |
437 |
| Income from bank-owned life insurance |
105 |
115 |
316 |
311 |
| Net gain on sales of loans |
191 |
91 |
1,506 |
308 |
| Net gain on sales and calls of securities |
|
|
|
2,788 |
| Other income |
154 |
50 |
681 |
115 |
| Total noninterest income |
680 |
443 |
3,131 |
3,959 |
| Noninterest expense: |
|
|
|
|
| Salaries and employee benefits |
3,312 |
2,555 |
9,697 |
7,388 |
| Director fees |
82 |
68 |
272 |
227 |
| Occupancy expense |
207 |
188 |
586 |
569 |
| Equipment expense |
110 |
87 |
319 |
248 |
| Deposit insurance |
114 |
106 |
367 |
331 |
| Data processing |
472 |
248 |
1,316 |
725 |
| Professional fees |
200 |
182 |
731 |
488 |
| Marketing |
265 |
214 |
743 |
697 |
| Other expense |
586 |
346 |
1,576 |
957 |
| Total noninterest expense |
5,348 |
3,994 |
15,607 |
11,630 |
| Income before income tax expense |
246 |
408 |
1,325 |
2,448 |
| Income tax expense |
63 |
113 |
409 |
812 |
| Net income |
$ 183 |
$ 295 |
$ 916 |
$ 1,636 |
| Earnings per share: |
|
|
|
|
| Basic |
$ 0.02 |
|
$ 0.11 |
|
| Diluted |
$ 0.02 |
|
$ 0.11 |
|