Selected Quarterly Financial Data (unaudited) (Notes)

12 Months Ended

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.