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Note 17 - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

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.