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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Data (Unaudited)  
Quarterly Financial Data (Unaudited)

21) Quarterly Financial Data (Unaudited)

The following table discloses the Company’s selected unaudited quarterly financial data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

    

12/31/2017

    

9/30/2017

    

6/30/2017

    

3/31/2017

 

 

(Dollars in thousands, except per share amounts)

Interest income

 

$

28,152

 

$

27,955

 

$

26,107

 

$

24,697

Interest expense

 

 

1,708

 

 

1,634

 

 

1,174

 

 

871

Net interest income

 

 

26,444

 

 

26,321

 

 

24,933

 

 

23,826

Provision (credit) for loan losses

 

 

(291)

 

 

115

 

 

(46)

 

 

321

Net interest income after provision for loan losses

 

 

26,735

 

 

26,206

 

 

24,979

 

 

23,505

Noninterest income

 

 

2,564

 

 

2,460

 

 

2,293

 

 

2,295

Noninterest expense (1)

 

 

15,322

 

 

14,834

 

 

15,254

 

 

15,328

Income before income taxes

 

 

13,977

 

 

13,832

 

 

12,018

 

 

10,472

Income tax expense (2)

 

 

12,719

 

 

5,249

 

 

4,569

 

 

3,934

Net income

 

$

1,258

 

$

8,583

 

$

7,449

 

$

6,538

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.03

 

$

0.22

 

$

0.20

 

$

0.17

Diluted

 

$

0.03

 

$

0.22

 

$

0.19

 

$

0.17

 

(1) Includes $671,000 pre-tax acquisition costs in the fourth quarter of 2017, related to the Tri-Valley and United American proposed mergers.

 

(2) Includes $7,103,000 of expense associated with remeasurement of net DTA in the fourth quarter of 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

    

12/31/2016

    

9/30/2016

    

6/30/2016

    

3/31/2016

 

 

(Dollars in thousands, except per share amounts)

Interest income

 

$

23,991

 

$

23,874

 

$

23,504

 

$

23,062

Interest expense

 

 

867

 

 

826

 

 

760

 

 

758

Net interest income

 

 

23,124

 

 

23,048

 

 

22,744

 

 

22,304

Provision for loan losses

 

 

240

 

 

245

 

 

351

 

 

401

Net interest income after provision for loan losses

 

 

22,884

 

 

22,803

 

 

22,393

 

 

21,903

Noninterest income

 

 

3,039

 

 

2,312

 

 

3,660

 

 

2,614

Noninterest expense

 

 

14,277

 

 

14,296

 

 

14,381

 

 

14,685

Income before income taxes

 

 

11,646

 

 

10,819

 

 

11,672

 

 

9,832

Income tax expense

 

 

4,431

 

 

4,054

 

 

4,377

 

 

3,726

Net income

 

 

7,215

 

 

6,765

 

 

7,295

 

 

6,106

Dividends on preferred stock

 

 

 —

 

 

(504)

 

 

(504)

 

 

(504)

Net income available to common shareholders

 

 

7,215

 

 

6,261

 

 

6,791

 

 

5,602

Undistributed earnings allocated to Series C Preferred Stock

 

 

 —

 

 

(300)

 

 

(575)

 

 

(403)

Distributed and undistributed earnings allocated to common shareholders

 

$

7,215

 

$

5,961

 

$

6,216

 

$

5,199

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

$

0.18

 

$

0.19

 

$

0.16

Diluted

 

$

0.19

 

$

0.18

 

$

0.19

 

$

0.16