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Selected Quarterly Financial Data (unaudited) (Notes) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (unaudited) | any recorded net income of $3.4 million, or $0.22 per common share, for the fourth quarter of 2019. The Company’s net interest income before provision for loan losses was $12.6 million due to the decline in the loan portfolio and lower market yields. The Company’s fourth quarter 2019 noninterest expense includes a $24,000 net recovery of non-performing loans expenses due to collections of previous recognized expenses.
| 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 and 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.

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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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