| Selected Quarterly Consolidated Financial Information |
| 16. |
SELECTED QUARTERLY
CONSOLIDATED FINANCIAL INFORMATION (Unaudited) |
The selected
quarterly financial data presented below should be read in
conjunction with the Consolidated Financial Statements and related
notes.
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Years Ended
December 31, |
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2013 |
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2012 |
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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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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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(Dollars in thousands,
except per share amounts) |
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Interest and dividend
income
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$ |
25,213 |
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$ |
24,320 |
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$ |
23,255 |
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$ |
22,416 |
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$ |
22,183 |
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$ |
21,181 |
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$ |
20,968 |
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$ |
20,637 |
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Interest expense
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5,186 |
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5,223 |
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4,936 |
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4,790 |
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4,844 |
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4,742 |
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4,573 |
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4,786 |
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Net interest
income
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20,027 |
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19,097 |
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18,319 |
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17,626 |
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17,339 |
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16,439 |
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16,395 |
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15,851 |
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Provision for loan losses
(1)
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1,840 |
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151 |
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3,219 |
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1,260 |
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2,803 |
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2,344 |
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2,170 |
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1,264 |
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Net interest income, after
provision for loan losses
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18,187 |
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18,946 |
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15,100 |
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16,366 |
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14,536 |
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14,095 |
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14,225 |
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14,587 |
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Non-interest
income (2)
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5,101 |
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5,234 |
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4,720 |
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4,361 |
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4,169 |
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4,539 |
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8,660 |
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3,893 |
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Non-interest expenses
(3)
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17,041 |
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15,587 |
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15,595 |
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16,292 |
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15,517 |
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14,366 |
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14,799 |
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15,266 |
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Income before income
taxes
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6,247 |
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8,593 |
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4,225 |
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4,435 |
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3,188 |
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4,268 |
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8,086 |
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3,214 |
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Provision for income
taxes
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2,232 |
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3,272 |
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1,200 |
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1,367 |
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1,079 |
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1,554 |
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2,639 |
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1,058 |
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Net income
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$ |
4,015 |
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$ |
5,321 |
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$ |
3,025 |
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$ |
3,068 |
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$ |
2,109 |
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$ |
2,714 |
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$ |
5,447 |
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$ |
2,156 |
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Income per share:
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Basic
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$ |
0.19 |
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$ |
0.25 |
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$ |
0.14 |
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$ |
0.14 |
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$ |
0.10 |
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$ |
0.13 |
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$ |
0.25 |
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$ |
0.10 |
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Diluted
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$ |
0.18 |
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$ |
0.24 |
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$ |
0.14 |
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$ |
0.14 |
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$ |
0.10 |
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$ |
0.12 |
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$ |
0.25 |
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$ |
0.10 |
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Weighted Average
Shares:
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Basic
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21,628,168 |
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21,632,828 |
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21,649,423 |
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21,639,122 |
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21,617,801 |
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21,606,540 |
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21,630,660 |
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21,662,471 |
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Diluted
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22,035,664 |
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22,000,504 |
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21,962,628 |
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21,952,607 |
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21,925,933 |
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21,871,578 |
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21,808,507 |
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21,826,307 |
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| (1) |
The provision for loan
losses for the third quarter of 2013 reflected lower provision
expense related to specific reserves recorded for impaired
loans. |
| (2) |
Non-interest income
fluctuates each quarter primarily due to securities gains.
Non-interest income for the second quarter of 2012 includes the
gain on sale of investment in affiliate bank of $4.8
million. |
| (3) |
Non-interest expense for the
fourth quarter of 2013 increased $1.5 million compared to the third
quarter of 2013 primarily due to increases of $172,000 in occupancy
and equipment expenses, $368,000 in marketing and advertising
expenses, $264,000 in professional services expenses, $349,000 in
foreclosed real estate expenses, and $268,000 in other general and
administrative expenses. |
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