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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Data (Unaudited)  
Quarterly Financial Data (Unaudited)

23) Quarterly Financial Data (Unaudited)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

    

12/31/2018

    

9/30/2018

    

6/30/2018

    

3/31/2018

 

 

(Dollars in thousands, except per share amounts)

Interest income

 

$

35,378

 

$

34,610

 

$

31,980

 

$

27,877

Interest expense

 

 

2,318

 

 

2,159

 

 

1,816

 

 

1,529

Net interest income

 

 

33,060

 

 

32,451

 

 

30,164

 

 

26,348

Provision (credit) for loan losses

 

 

142

 

 

(425)

 

 

7,198

 

 

506

Net interest income after provision for loan losses

 

 

32,918

 

 

32,876

 

 

22,966

 

 

25,842

Noninterest income

 

 

2,393

 

 

2,206

 

 

2,780

 

 

2,195

Noninterest expense (1)

 

 

16,941

 

 

17,728

 

 

24,862

 

 

15,990

Income before income taxes

 

 

18,370

 

 

17,354

 

 

884

 

 

12,047

Income tax expense (benefit)

 

 

5,138

 

 

4,979

 

 

(31)

 

 

3,238

Net income

 

$

13,232

 

$

12,375

 

$

915

 

$

8,809

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.31

 

$

0.29

 

$

0.02

 

$

0.23

Diluted

 

$

0.30

 

$

0.28

 

$

0.02

 

$

0.23

 

(1) Includes $139,000,  $199,000,  $8,214,000, and $615,000 pre-tax acquisition costs in the fourth, third, second and first quarters of 2018, respectively, related to the Tri-Valley and United American mergers.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 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.