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Selected Quarterly Financial Data (unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (unaudited) | Note 26—Selected Quarterly Financial Data (unaudited)
|  | For the year ended December 31, 2017 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Interest and Dividend Income |  | $ | 32,488 |  |  | $ | 33,315 |  |  | $ | 35,044 |  |  | $ | 35,956 |
Interest Expense |  |  | 2,950 |  |  |  | 3,504 |  |  |  | 3,632 |  |  |  | 3,805 |
Net interest income |  |  | 29,538 |  |  |  | 29,811 |  |  |  | 31,412 |  |  |  | 32,151 |
Provision for loan and lease losses |  |  | 1,891 |  |  |  | 3,515 |  |  |  | 3,900 |  |  |  | 3,347 |
Net interest income after provision for loan and lease losses |  |  | 27,647 |  |  |  | 26,296 |  |  |  | 27,512 |  |  |  | 28,804 |
Non-interest income |  |  | 12,308 |  |  |  | 13,193 |  |  |  | 11,918 |  |  |  | 12,639 |
Non-interest expense |  |  | 28,851 |  |  |  | 29,249 |  |  |  | 31,065 |  |  |  | 30,358 |
Income before provision for income taxes |  |  | 11,104 |  |  |  | 10,240 |  |  |  | 8,365 |  |  |  | 11,085 |
Provision (benefit) for income taxes |  |  | 4,544 |  |  |  | 4,094 |  |  |  | (1,390 | ) |  |  | 11,851 |
Net income (loss) |  |  | 6,560 |  |  |  | 6,146 |  |  |  | 9,755 |  |  |  | (766 | )
Dividends on preferred shares |  |  | 189 |  |  |  | 10,697 |  |  |  | 195 |  |  |  | 196 |
Income (loss) available (attributable) to common stockholders |  | $ | 6,371 |  |  | $ | (4,551 | ) |  | $ | 9,560 |  |  | $ | (962 | )
Basic earnings (loss) per common share |  | $ | 0.26 |  |  | $ | (0.18 | ) |  | $ | 0.33 |  |  | $ | (0.03 | )
Diluted earnings (loss) per common share |  | $ | 0.25 |  |  | $ | (0.18 | ) |  | $ | 0.32 |  |  | $ | (0.03 | )
During the second quarter of 2017, in connection with the Company’s initial public offering, proceeds were used to repurchase Series A Preferred Stock, which included $10.5 million of dividends in arrears. During the third quarter of 2017, the Legislature of the state of Illinois passed an increase in the corporate tax rate from 5.25% to 7.00%. As a result of the increase, the Company recorded a benefit of $4.6 million resulting from an increase in the value of deferred tax assets related to Illinois net loss deductions. The Company recorded a net loss of $766,000, or $0.03 per common share, for the fourth quarter of 2017. The Company’s net interest income before provision for loan losses was $32.2 million. In December 2017, the “Tax Cuts and Jobs Act” reduced the federal corporate tax rate to 21% effective January 1, 2018. As a result of the decrease, the Company’s fourth quarter 2017 operating results included incremental tax expense of $7.2 million from enactment of Tax Cuts and Jobs Act of 2017. Note 26—Selected Quarterly Financial Data (unaudited) (continued)
|  | For the year ended December 31, 2016 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Interest and Dividend Income |  | $ | 22,877 |  |  | $ | 22,055 |  |  | $ | 22,657 |  |  | $ | 30,776 |
Interest Expense |  |  | 1,757 |  |  |  | 1,674 |  |  |  | 1,792 |  |  |  | 2,524 |
Net interest income |  |  | 21,120 |  |  |  | 20,381 |  |  |  | 20,865 |  |  |  | 28,252 |
Provision for loan and lease losses |  |  | 2,513 |  |  |  | 1,152 |  |  |  | 1,683 |  |  |  | 5,004 |
Net interest income after provision for loan and lease losses |  |  | 18,607 |  |  |  | 19,229 |  |  |  | 19,182 |  |  |  | 23,248 |
Non-interest income |  |  | 4,288 |  |  |  | 6,198 |  |  |  | 4,776 |  |  |  | 10,642 |
Non-interest expense |  |  | 24,487 |  |  |  | 22,817 |  |  |  | 22,384 |  |  |  | 30,998 |
Income before provision for income taxes |  |  | (1,592 | ) |  |  | 2,610 |  |  |  | 1,574 |  |  |  | 2,892 |
Provision (benefit) for income taxes |  |  | (240 | ) |  |  | 9 |  |  |  | 9 |  |  |  | (61,023 | )
Net income (loss) |  |  | (1,352 | ) |  |  | 2,601 |  |  |  | 1,565 |  |  |  | 63,915 |
Dividends on preferred shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Income (loss) available (attributable) to common stockholders |  | $ | (1,352 | ) |  | $ | 2,601 |  |  | $ | 1,565 |  |  | $ | 63,915 |
Basic earnings (loss) per common share |  | $ | (0.08 | ) |  | $ | 0.13 |  |  | $ | 0.08 |  |  | $ | 2.66 |
Diluted earnings (loss) per common share |  | $ | (0.08 | ) |  | $ | 0.13 |  |  | $ | 0.08 |  |  | $ | 2.62 |
The Company recorded net income of $63.9 million, or $2.66 per common share, for the fourth quarter of 2016. The Company’s net interest income before provision for loan losses was $28.3 million. On October 14, 2016, the Company acquired the assets and assumed the liabilities of Ridgestone. Revenues and expenses of the acquired company since the acquisition were included in the Company’s fourth quarter 2016 operating results. The increase in the fourth quarter provision was primarily the result of increases in loan growth and adjustments to certain qualitative factors impacting the Company’s historical loss rate. The increase in non-interest income was the result of gains on sale of government guaranteed loans and servicing income after the Ridgestone acquisition. The Company’s fourth quarter 2016 operating results included income tax benefit of $61.0 million primarily due to the reversal of the $61.9 million valuation allowance established against the net deferred tax assets. The determination was made based on the business forecasts indicating sustainable profitability to support recoverability of the tax assets.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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