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Note 17 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Quarterly Financial Information [Text Block] | NOTE 17 – SELECTED QUARTERLY FINANCIAL DATA (unaudited)
|  | For the year ended December 31, 2020 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Interest income |  | $ | 14,653 |  |  | $ | 13,194 |  |  | $ | 12,485 |  |  | $ | 12,543 |
Interest expense |  |  | 2,684 |  |  |  | 1,869 |  |  |  | 1,488 |  |  |  | 947 |
Net interest income |  |  | 11,969 |  |  |  | 11,325 |  |  |  | 10,997 |  |  |  | 11,596 |
Provision for (recovery of) loan losses |  |  | 471 |  |  |  | 42 |  |  |  | (187 | ) |  |  | (271 | )
Net interest income after provision for (recovery of) loan losses |  |  | 11,498 |  |  |  | 11,283 |  |  |  | 11,184 |  |  |  | 11,867 |
Noninterest income |  |  | 1,398 |  |  |  | 1,163 |  |  |  | 1,264 |  |  |  | 1,541 |
Noninterest expense |  |  | 9,628 |  |  |  | 9,249 |  |  |  | 9,787 |  |  |  | 9,774 |
Income before income taxes |  |  | 3,268 |  |  |  | 3,197 |  |  |  | 2,661 |  |  |  | 3,634 |
Income tax expense |  |  | 850 |  |  |  | 845 |  |  |  | 713 |  |  |  | 1,189 |
Net income |  | $ | 2,418 |  |  | $ | 2,352 |  |  | $ | 1,948 |  |  | $ | 2,445 |
Basic and diluted earnings per common share |  | $ | 0.16 |  |  | $ | 0.16 |  |  | $ | 0.13 |  |  | $ | 0.17 |
The Company’s net income for the fourth quarter of 2020 included $605,000 of income related to loan prepayments, $255,000 of commercial credit facilities fees, and $162,000 of fee income from the Paycheck Protection Program and a modest increase in trust income. These increases were partially offset by a reduction of deposit services income related to retail account activity. The Company’s noninterest expense for the fourth quarter of 2020 was consistent with the prior quarter despite increases in occupancy expenses related to COVID-19 health security and risk mitigation, real estate taxes on branch facilities, personnel expenses related to equipment finance incentive plans and recruiting expenses related to the addition of originations and underwriting personnel for the Bank's Commercial Finance Division and Treasury Services Department.
|  | For the year ended December 31, 2019 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Interest income |  | $ | 16,526 |  |  | $ | 16,522 |  |  | $ | 16,628 |  |  | $ | 15,732 |
Interest expense |  |  | 3,307 |  |  |  | 3,419 |  |  |  | 3,386 |  |  |  | 3,105 |
Net interest income |  |  | 13,219 |  |  |  | 13,103 |  |  |  | 13,242 |  |  |  | 12,627 |
Provision for (recovery of) loan losses |  |  | (87 | ) |  |  | 3,957 |  |  |  | (134 | ) |  |  | 89 |
Net interest income |  |  | 13,306 |  |  |  | 9,146 |  |  |  | 13,376 |  |  |  | 12,538 |
Noninterest income |  |  | 1,624 |  |  |  | 1,426 |  |  |  | 1,474 |  |  |  | 1,648 |
Noninterest expense |  |  | 10,098 |  |  |  | 9,472 |  |  |  | 9,509 |  |  |  | 9,562 |
Income before income taxes |  |  | 4,832 |  |  |  | 1,100 |  |  |  | 5,341 |  |  |  | 4,624 |
Income tax expense |  |  | 1,281 |  |  |  | 293 |  |  |  | 1,417 |  |  |  | 1,234 |
Net income |  | $ | 3,551 |  |  | $ | 807 |  |  | $ | 3,924 |  |  | $ | 3,390 |
Basic and diluted earnings per common share |  | $ | 0.22 |  |  | $ | 0.05 |  |  | $ | 0.26 |  |  | $ | 0.22 |
The Company 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.

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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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