Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

22. Quarterly Financial Data (Unaudited)

The unaudited quarterly results of operations for the years ended December 31, 2011 and 2010 are as follows (in thousands, except per share data):


	Quarters Ended in 2011								Quarters Ended in 2010
	Mar. 31		June 30		Sept. 30		Dec. 31		Mar. 31		June 30		Sept. 30		Dec. 31
Total interest and dividend income	$	15,694	$	16,417	$	16,793	$	16,808	$	14,168	$	15,328	$	15,797	$	15,854
Net interest income		11,299		11,912		12,378		12,544		9,441		10,685		11,263		10,702
Provision for loan losses		777		992		904		2,264		585		1,161		853		2,559
Non-interest income		2,187		2,616		2,462		3,454		2,034		2,079		1,841		3,566
Non-interest expense		8,291		8,141		8,310		8,540		8,089		7,402		8,113		8,064
Net income		3,277		3,891		4,067		3,869		2,160		3,124		3,106		2,926
Net income per share, basic		0.27		0.32		0.33		0.31		0.25		0.34		0.25		0.23
Net income per share, diluted		0.27		0.32		0.33		0.31		0.25		0.34		0.25		0.23

A provision for loan losses in the amount of $2,264 and $2,559 was recorded during the quarters ended December 31, 2011 and 2010, respectively, as a result of specific reserves required for impaired loans in the commercial, industrial, and agricultural loan portfolio in the fourth quarter of 2011 and in the commercial mortgage loan portfolio in the fourth quarter of 2010. The quarterly volatility in non-interest income primarily relates to other-than-temporary impairment of securities and net realized gains and losses on available-for-sale securities.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details