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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Data (Unaudited) |
Note 23. | Quarterly Financial Data (Unaudited)
The following table presents selected financial data by quarter for the periods indicated:
|  | Year Ended December 31, 2013 |
(Amounts in thousands, except share and per share data) |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Interest income |  | $ | 28,004 |  |  | $ | 27,412 |  |  | $ | 26,696 |  |  | $ | 27,364 |
Interest expense |  |  | 4,642 |  |  |  | 4,550 |  |  |  | 4,370 |  |  |  | 4,272 |
Net interest income |  |  | 23,362 |  |  |  | 22,862 |  |  |  | 22,326 |  |  |  | 23,092 |
Provision for loan losses |  |  | 1,142 |  |  |  | 3,205 |  |  |  | 2,333 |  |  |  | 1,528 |
Net interest income after provision for loan losses |  |  | 22,220 |  |  |  | 19,657 |  |  |  | 19,993 |  |  |  | 21,564 |
Other income |  |  | 7,744 |  |  |  | 6,735 |  |  |  | 8,150 |  |  |  | 6,743 |
Net gain (loss) on sale of securities |  |  | 117 |  |  |  | 113 |  |  |  | (39 | ) |  |  | 208 |
Other expenses |  |  | 19,544 |  |  |  | 18,533 |  |  |  | 20,153 |  |  |  | 20,755 |
Income before income taxes |  |  | 10,537 |  |  |  | 7,972 |  |  |  | 7,951 |  |  |  | 7,760 |
Income tax |  |  | 3,396 |  |  |  | 2,537 |  |  |  | 2,539 |  |  |  | 2,436 |
Net income |  |  | 7,141 |  |  |  | 5,435 |  |  |  | 5,412 |  |  |  | 5,324 |
Dividends on preferred stock |  |  | 258 |  |  |  | 253 |  |  |  | 261 |  |  |  | 252 |
Net income available to common shareholders |  | $ | 6,883 |  |  | $ | 5,182 |  |  | $ | 5,151 |  |  | $ | 5,072 |
Basic earnings per common share |  | $ | 0.34 |  |  | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.27 |
Diluted earnings per common share |  |  | 0.34 |  |  |  | 0.26 |  |  |  | 0.26 |  |  |  | 0.26 |
Dividend per common share |  |  | 0.12 |  |  |  | 0.12 |  |  |  | 0.12 |  |  |  | 0.12 |
Weighted average basic shares outstanding |  |  | 20,032,694 |  |  |  | 19,997,991 |  |  |  | 20,008,861 |  |  |  | 19,136,317 |
Weighted average diluted shares outstanding |  |  | 21,258,490 |  |  |  | 21,205,078 |  |  |  | 21,123,788 |  |  |  | 20,233,737 |
|  | Year Ended December 31, 2012 |
(Amounts in thousands, except share and per share data) |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Interest income |  | $ | 22,682 |  |  | $ | 24,182 |  |  | $ | 31,536 |  |  | $ | 31,256 |
Interest expense |  |  | 4,705 |  |  |  | 4,698 |  |  |  | 5,077 |  |  |  | 5,120 |
Net interest income |  |  | 17,977 |  |  |  | 19,484 |  |  |  | 26,459 |  |  |  | 26,136 |
Provision for loan losses |  |  | 922 |  |  |  | 1,620 |  |  |  | 1,916 |  |  |  | 1,220 |
Net interest income after provision for loan losses |  |  | 17,055 |  |  |  | 17,864 |  |  |  | 24,543 |  |  |  | 24,916 |
Other income |  |  | 7,940 |  |  |  | 8,352 |  |  |  | 10,935 |  |  |  | 9,000 |
Net gain (loss) on sale of securities |  |  | 51 |  |  |  | (9 | ) |  |  | 228 |  |  |  | 213 |
Other expenses |  |  | 16,193 |  |  |  | 20,132 |  |  |  | 20,325 |  |  |  | 21,733 |
Income before income taxes |  |  | 8,853 |  |  |  | 6,075 |  |  |  | 15,381 |  |  |  | 12,396 |
Income tax |  |  | 2,852 |  |  |  | 1,997 |  |  |  | 5,322 |  |  |  | 3,957 |
Net income |  |  | 6,001 |  |  |  | 4,078 |  |  |  | 10,059 |  |  |  | 8,439 |
Dividends on preferred stock |  |  | 283 |  |  |  | 283 |  |  |  | 220 |  |  |  | 272 |
Net income available to common shareholders |  | $ | 5,718 |  |  | $ | 3,795 |  |  | $ | 9,839 |  |  | $ | 8,167 |
Basic earnings per common share |  | $ | 0.32 |  |  | $ | 0.20 |  |  | $ | 0.49 |  |  | $ | 0.41 |
Diluted earnings per common share |  |  | 0.31 |  |  |  | 0.21 |  |  |  | 0.47 |  |  |  | 0.40 |
Dividend per common share |  |  | 0.10 |  |  |  | 0.11 |  |  |  | 0.11 |  |  |  | 0.11 |
Weighted average basic shares outstanding |  |  | 17,849,376 |  |  |  | 18,561,714 |  |  |  | 20,013,264 |  |  |  | 20,063,873 |
Weighted average diluted shares outstanding |  |  | 19,158,179 |  |  |  | 19,872,106 |  |  |  | 21,329,612 |  |  |  | 21,314,023 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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