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Selected Quarterly Financial Data (unaudited) (Notes) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (unaudited) | SELECTED QUARTERLY FINANCIAL DATA (unaudited)
| For the year ended December 31, 2018
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Interest income | $ | 14,748 |  |  | $ | 15,020 |  |  | $ | 15,373 |  |  | $ | 16,146 |
Interest expense | 1,727 |  |  | 2,039 |  |  | 2,408 |  |  | 3,043 |
Net interest income | 13,021 |  |  | 12,981 |  |  | 12,965 |  |  | 13,103 |
Provision for (recovery of) loan losses | (258 | ) |  | 23 |  |  | (23 | ) |  | 403 |
Net interest income | 13,279 |  |  | 12,958 |  |  | 12,988 |  |  | 12,700 |
Noninterest income | 1,539 |  |  | 3,094 |  |  | 1,570 |  |  | 8,674 |
Noninterest expense | 9,959 |  |  | 10,215 |  |  | 9,425 |  |  | 11,155 |
Income before income taxes | 4,859 |  |  | 5,837 |  |  | 5,133 |  |  | 10,219 |
Income tax expense | 1,300 |  |  | 1,207 |  |  | 1,396 |  |  | 2,803 |
Net income | $ | 3,559 |  |  | $ | 4,630 |  |  | $ | 3,737 |  |  | $ | 7,416 |
Basic earnings per common share | $ | 0.20 |  |  | $ | 0.26 |  |  | $ | 0.22 |  |  | $ | 0.44 |
Diluted earnings per common share | 0.20 |  |  | 0.26 |  |  | 0.22 |  |  | 0.44 |
The Company recorded net income of $7.4 million, or $0.44 per common share, for the fourth quarter of 2018. The Company’s net interest income before provision for loan losses was $13.1 million due to stronger loan originations and improved asset quality, which was offset by increased interest bearing liabilities at higher cost of funds. The Company’s fourth quarter 2018 operating results include $3.6 million of gain on sale of Visa B stock common shares as well as $3.4 million in unrealized gain on Visa B common shares. Compensation expense includes $1.0 million in accrued expense, related to certain contract termination and severance payments.
| For the year ended December 31, 2017
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Interest income | $ | 13,362 |  |  | $ | 13,649 |  |  | $ | 14,121 |  |  | $ | 15,047 |
Interest expense | 1,276 |  |  | 1,456 |  |  | 1,615 |  |  | 1,742 |
Net interest income | 12,086 |  |  | 12,193 |  |  | 12,506 |  |  | 13,305 |
Provision for (recovery of) loan losses | 161 |  |  | 49 |  |  | (225 | ) |  | (72 | )
Net interest income | 11,925 |  |  | 12,144 |  |  | 12,731 |  |  | 13,377 |
Noninterest income | 1,544 |  |  | 1,607 |  |  | 1,623 |  |  | 1,634 |
Noninterest expense | 11,266 |  |  | 9,607 |  |  | 10,200 |  |  | 9,318 |
Income before income taxes | 2,203 |  |  | 4,144 |  |  | 4,154 |  |  | 5,693 |
Income tax expense | 322 |  |  | 1,572 |  |  | 594 |  |  | 4,702 |
Net income | $ | 1,881 |  |  | $ | 2,572 |  |  | $ | 3,560 |  |  | $ | 991 |
Basic earnings per common share | $ | 0.10 |  |  | $ | 0.14 |  |  | $ | 0.20 |  |  | $ | 0.06 |
Diluted earnings per common share | 0.10 |  |  | 0.14 |  |  | 0.20 |  |  | 0.06 |
The Company recorded net income of $1.0 million, or $0.06 per common share, for the fourth quarter of 2017. The Company’s net interest income before provision for loan losses was $13.3 million due to stronger loan originations and improved asset quality. which was offset by increased interest bearing liabilities at higher cost of funds. The Company’s fourth quarter 2017 operating results included a $2.5 million provision for taxes related to Tax Cuts and Jobs Act of 2017.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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