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Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Data (Unaudited)
Note 23. Quarterly Financial Data (Unaudited)

The following tables present selected financial data for the periods indicated:

 

     Year Ended December 31, 2016  
     First
Quarter
    Second
Quarter
    Third
Quarter
    Fourth
Quarter
 
(Amounts in thousands, except share and per share data)         

Interest income

   $ 23,550     $ 24,137     $ 23,621     $ 23,416  

Interest expense

     2,439       2,446       2,500       2,459  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     21,111       21,691       21,121       20,957  

Provision for (recovery of) loan losses

     1,187       722       (1,154     500  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision (recovery)

     19,924       20,969       22,275       20,457  

Noninterest income, excluding net gain (loss) on sale of securities

     7,902       7,109       5,870       5,850  

Net gain (loss) on sale of securities

     1       (79     25       388  

Noninterest expense

     18,814       18,722       18,557       16,653  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     9,013       9,277       9,613       10,042  

Income tax expense

     2,929       3,022       3,230       3,638  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

   $ 6,084     $ 6,255     $ 6,383     $ 6,404  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per common share

   $ 0.34     $ 0.36     $ 0.37     $ 0.38  

Diluted earnings per common share

     0.34       0.36       0.37       0.38  

Dividend per common share

     0.14       0.14       0.16       0.16  

Weighted average basic shares outstanding

     17,859,197       17,414,320       17,031,074       16,981,010  

Weighted average diluted shares outstanding

     17,892,531       17,462,845       17,083,526       17,043,869  
     Year Ended December 31, 2015  
     First
Quarter
    Second
Quarter
    Third
Quarter
    Fourth
Quarter
 
(Amounts in thousands, except share and per share data)         

Interest income

   $ 24,098     $ 23,979     $ 24,348     $ 23,677  

Interest expense

     3,259       2,909       2,679       2,502  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     20,839       21,070       21,669       21,175  

Provision for loan losses

     1,100       276       381       434  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision

     19,739       20,794       21,288       20,741  

Noninterest income, excluding net (loss) gain on sale of securities

     6,859       7,924       7,113       7,490  

Net (loss) gain on sale of securities

     (23     213       (39     (7

Noninterest expense

     17,780       20,289       19,019       19,083  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     8,795       8,642       9,343       9,141  

Income tax expense

     2,837       2,467       3,084       2,993  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     5,958       6,175       6,259       6,148  

Dividends on preferred stock

     105       —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

   $ 5,853     $ 6,175     $ 6,259     $ 6,148  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per common share

   $ 0.31     $ 0.33     $ 0.34     $ 0.34  

Diluted earnings per common share

     0.31       0.33       0.34       0.34  

Dividend per common share

     0.13       0.13       0.14       0.14  

Weighted average basic shares outstanding

     18,633,574       18,831,742       18,470,348       18,193,824  

Weighted average diluted shares outstanding

     19,344,443       18,860,119       18,500,975       18,226,719