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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements.

Quarterly Financial Data (Unaudited)

23. Quarterly Financial Data (unaudited)

Selected unaudited quarterly financial data for the fiscal years ended December 31, 2024 and 2023 is presented below:


		2024												2023
		4th			3rd			2nd			1st			4th			3rd			2nd			1st

		(In thousands, except per share data)
Quarterly operating data:
Interest income		$	120,040		$	122,593		$	113,230		$	109,499		$	108,763		$	104,036		$	96,561		$	92,117
Interest expense			68,805			76,990			70,454			67,102			62,678			59,609			53,183			46,855
Net interest income			51,235			45,603			42,776			42,397			46,085			44,427			43,378			45,262
Provision for loan losses			6,440			1,727			809			592			998			596			1,416			7,508
Other operating income (loss)			(71,022)			6,277			4,216			3,084			7,402			3,309			5,020			6,857
Other operating expense			45,630			38,696			39,047			39,892			40,735			36,388			35,110			39,156
Income (loss) before income tax expense (benefit)			(71,857)			11,457			7,136			4,997			11,754			10,752			11,872			5,455
Income tax expense (benefit)			(22,612)			2,551			1,814			1,313			3,655			2,917			3,186			1,411
Net income (loss)		$	(49,245)		$	8,906		$	5,322		$	3,684		$	8,099		$	7,835		$	8,686		$	4,044

Basic earnings (loss) per common share		$	(1.61)		$	0.30		$	0.18		$	0.12		$	0.27		$	0.26		$	0.29		$	0.13
Diluted earnings (loss) per common share		$	(1.61)		$	0.30		$	0.18		$	0.12		$	0.27		$	0.26		$	0.29		$	0.13
Dividends per common share		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22

Average common shares outstanding for:
Basic earnings per share			30,519			29,742			29,789			29,742			29,650			29,703			30,090			30,265
Diluted earnings per share			30,519			29,742			29,789			29,742			29,650			29,703			30,090			30,265

As previously disclosed on Form 8-K filed on January 26, 2024, the Company’s consolidated financial statements and ratios for the three month period ended March 31, 2023, the three and six month periods ended June 30, 2023 and the three and nine month periods ended September 30, 2023, were in need of restatement to correct the accounting treatment of employee retention credits (“ERCs”), which were incorrectly recognized as income during such periods. On February 12, 2024, the Company filed 10-Q/A’s for the quarterly periods ended March 31, 2023, June 30, 2023 and September 30, 2023, to correct the previously reported treatment of ERCs. The change impacted net income by a decrease of $1.1 million for the period ended March 31, 2023, an increase of $0.1 million and a decrease of $1.1 million, respectively, for the three and six month periods ended June 30, 2023, and a decrease of $1.6 million and $2.6 million, respectively, for the three and nine month periods ended September 30, 2023. The table above reflects the corrected financial results.