Quarterly Financial Comparison (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Comparison (Unaudited) [Abstract]  
Quarterly Financial Comparison (Unaudited)

NOTE 22 - QUARTERLY FINANCIAL COMPARISON (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

Fourth

 

Third

 

Second

 

First

(dollars in thousands)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$               11,208 

 

$               11,002 

 

$               10,935 

 

$               10,728 

Interest expense

 

 1,860 

 

 1,918 

 

 1,902 

 

 1,665 

Net interest income

 

 9,348 

 

 9,084 

 

 9,033 

 

 9,063 

Provision for loan losses

 

 362 

 

 501 

 

 392 

 

 178 

Net interest income after provision

 

 8,986 

 

 8,583 

 

 8,641 

 

 8,885 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 909 

 

 466 

 

 962 

 

 962 

Noninterest expense

 

 7,556 

 

 7,031 

 

 6,888 

 

 6,943 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 2,339 

 

 2,018 

 

 2,715 

 

 2,904 

Provision for income taxes

 

 811 

 

 735 

 

 1,004 

 

 1,083 

Net Income (NI)

 

$                1,528 

 

$                1,283 

 

$                1,711 

 

$                1,821 

Preferred stock dividends

 

 -

 

 -

 

 -

 

 23 

NI Available to Common Stockholders

 

$                1,528 

 

$                1,283 

 

$                1,711 

 

$                1,798 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share1

 

 

 

 

 

 

 

 

Basic

 

$                  0.33 

 

$                  0.28 

 

$                  0.37 

 

$                  0.38 

Diluted

 

$                  0.33 

 

$                  0.27 

 

$                  0.37 

 

$                  0.38 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

Fourth

 

Third

 

Second

 

First

(dollars in thousands)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$               10,663 

 

$               10,667 

 

$               10,254 

 

$               10,175 

Interest expense

 

 1,610 

 

 1,663 

 

 1,684 

 

 1,741 

Net interest income

 

 9,053 

 

 9,004 

 

 8,570 

 

 8,434 

Provision for loan losses

 

 1,502 

 

 385 

 

 563 

 

 203 

Net interest income after provision

 

 7,551 

 

 8,619 

 

 8,007 

 

 8,231 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 1,225 

 

 1,118 

 

 855 

 

 895 

Noninterest expense

 

 6,652 

 

 6,485 

 

 6,767 

 

 6,331 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 2,124 

 

 3,252 

 

 2,095 

 

 2,795 

Provision for income taxes

 

 579 

 

 1,363 

 

 760 

 

 1,074 

Net Income (NI)

 

$                1,545 

 

$                1,889 

 

$                1,335 

 

$                1,721 

Preferred stock dividends

 

 50 

 

 50 

 

 50 

 

 50 

NI Available to Common Stockholders

 

$                1,495 

 

$                1,839 

 

$                1,285 

 

$                1,671 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share1

 

 

 

 

 

 

 

 

Basic

 

$                  0.32 

 

$                  0.40 

 

$                  0.28 

 

$                  0.36 

Diluted

 

$                  0.32 

 

$                  0.39 

 

$                  0.28 

 

$                  0.36 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

Fourth

 

Third

 

Second

 

First

(dollars in thousands)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$               10,112 

 

$                9,975 

 

$                9,750 

 

$                9,841 

Interest expense

 

 1,732 

 

 1,873 

 

 2,018 

 

 2,023 

Net interest income

 

 8,380 

 

 8,102 

 

 7,732 

 

 7,818 

Provision for loan losses

 

 300 

 

 286 

 

 200 

 

 154 

Net interest income after provision

 

 8,080 

 

 7,816 

 

 7,532 

 

 7,664 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 797 

 

 1,119 

 

 1,069 

 

 1,189 

Noninterest expense

 

 6,348 

 

 6,245 

 

 6,107 

 

 6,144 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 2,529 

 

 2,690 

 

 2,494 

 

 2,709 

Provision for income taxes

 

 885 

 

 987 

 

 909 

 

 990 

Net Income (NI)

 

$                1,644 

 

$                1,703 

 

$                1,585 

 

$                1,719 

Preferred stock dividends

 

 50 

 

 50 

 

 50 

 

 50 

NI Available to Common Stockholders

 

$                1,594 

 

$                1,653 

 

$                1,535 

 

$                1,669 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share1

 

 

 

 

 

 

 

 

Basic

 

$                  0.35 

 

$                  0.55 

 

$                  0.51 

 

$                  0.55 

Diluted

 

$                  0.35 

 

$                  0.55 

 

$                  0.51 

 

$                  0.54 

 

(1) Earnings per share are based upon quarterly results and, when added, may not total the annual earnings per share amounts. In October 2013, the Company issued 1,591,300 shares of common stock at a price of $18.75 per share resulting in net proceeds of $27.4 million after commissions and related offering expenses. The additional shares outstanding impacted year to year comparability of per share earnings beginning with fourth quarter 2013 results.