| Quarterly Results of Operations |
Note 19-Quarterly Results of Operations (Unaudited)
A summary of the quarterly results of operations for the years ended December 31, 2014 and 2013 is shown below.
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2014
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2013
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(dollars in thousands,
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Quarter
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Quarter
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except per share data)
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Fourth
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Third
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Second
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First
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Fourth
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Third
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Second
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First
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Interest income
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$
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12,953
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$
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12,670
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$
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12,364
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$
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12,413
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$
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12,319
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$
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11,819
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$
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11,473
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$
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11,361
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Interest expense
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1,949
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2,024
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2,075
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1,992
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2,114
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2,124
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2,172
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2,209
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Net interest income
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11,004
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10,646
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10,289
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10,421
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10,205
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9,695
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9,301
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9,152
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Provision for loan losses
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500
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250
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300
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550
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500
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150
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560
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260
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Noninterest income
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1,825
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1,892
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1,816
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1,650
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1,671
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1,621
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1,672
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1,688
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Net gain on sales of loans held for sale
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146
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124
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102
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80
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145
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233
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322
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319
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Noninterest expense
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8,840
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8,002
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7,986
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7,648
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8,012
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7,732
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7,157
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7,253
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Income before taxes and securities gain
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3,635
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4,410
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3,921
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3,953
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3,509
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3,667
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3,578
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3,646
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Net gain on sales of securities
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372
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146
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0
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0
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39
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0
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44
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0
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Income before income taxes
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4,007
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4,556
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3,921
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3,953
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3,548
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3,667
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3,622
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3,646
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Provision for income taxes
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1,227
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1,377
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1,114
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950
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966
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990
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977
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984
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Net income
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2,780
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3,179
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2,807
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3,003
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2,582
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2,677
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2,645
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2,662
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Preferred stock dividends
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30
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30
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52
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62
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63
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62
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62
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63
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Net income available to common shareholders
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$
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2,750
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$
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3,149
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$
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2,755
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$
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2,941
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$
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2,519
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$
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2,615
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$
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2,583
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$
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2,599
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Net income per common share, basic (1)
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$
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0.47
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$
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0.54
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$
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0.48
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$
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0.58
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$
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0.50
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$
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0.52
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$
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0.52
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$
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0.53
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Net income per common share, diluted (1)
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$
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0.46
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$
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0.54
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$
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0.47
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$
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0.56
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$
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0.49
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$
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0.51
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$
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0.51
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$
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0.52
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(1) adjusted for common stock dividends distributed.
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