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Selected Quarterly Financial Data (unaudited) (Notes)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]    
Selected Quarterly Financial Data (unaudited)
The Company recorded net income of $34.7 million, or $1.72 per common share, for the fourth quarter of 2014. The Company’s fourth quarter 2014 operating results include a full recovery of the deferred tax valuation allowance of $35.1 million. The Company’s net interest income before provision for loan losses increased to $11.7 million due to stronger loan originations and improved asset quality. The Company’s fourth quarter 2014 operating results included a $756,000 recovery of loan losses. The primary reasons for this decrease was the growth in our loan portfolio focused on loan types with lower loss ratios based on our historical loss experience, and improvements in the historical loan loss factors that occurred as the losses incurred in earlier periods aged and thus were either eliminated from the calculation or assigned a lower weight. Noninterest expense included $467,000 of nonperforming asset management and OREO expense.
 
For the year ended December 31, 2014
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Interest income
$
12,086

 
$
12,482

 
$
12,368

 
$
12,413

Interest expense
812

 
774

 
746

 
714

Net interest income
11,274

 
11,708

 
11,622

 
11,699

Provision for (recovery of) loan losses
476

 
957

 
(1,413
)
 
(756
)
Net interest income
10,798

 
10,751

 
13,035

 
12,455

Noninterest income
1,532

 
1,660

 
1,748

 
1,769

Noninterest expense
11,371

 
10,982

 
11,157

 
10,941

Income before income taxes
959

 
1,429

 
3,626

 
3,283

Income tax expense (benefit)
17

 
25

 
36

 
(31,395
)
Net income
$
942

 
$
1,404

 
$
3,590

 
$
34,678

Basic earnings per common share
$
0.05

 
$
0.07

 
$
0.17

 
$
1.72

Diluted earnings per common share
$
0.05

 
$
0.07

 
$
0.17

 
$
1.72


The Company recorded net income of $34.7 million, or $1.72 per common share, for the fourth quarter of 2014. The Company’s fourth quarter 2014 operating results include a full recovery of the deferred tax valuation allowance of $35.1 million. The Company’s net interest income before provision for loan losses increased to $11.7 million due to stronger loan originations and improved asset quality. The Company’s fourth quarter 2014 operating results included a $756,000 recovery of loan losses. The primary reasons for this decrease was the growth in our loan portfolio focused on loan types with lower loss ratios based on our historical loss experience, and improvements in the historical loan loss factors that occurred as the losses incurred in earlier periods aged and thus were either eliminated from the calculation or assigned a lower weight. Noninterest expense included $467,000 of nonperforming asset management and OREO expense.
 
For the year ended December 31, 2013
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Interest income
$
12,713

 
$
12,276

 
$
12,107

 
$
12,296

Interest expense
994

 
935

 
882

 
842

Net interest income
11,719

 
11,341

 
11,225

 
11,454

Provision for (recovery of) loan losses
722

 
206

 
(437
)
 
(1,178
)
Net interest income
10,997

 
11,135

 
11,662

 
12,632

Noninterest income
3,029

 
1,703

 
1,737

 
1,665

Noninterest expense
13,348

 
12,762

 
12,360

 
12,792

Income before income taxes
678

 
76

 
1,039

 
1,505

Income tax expense (benefit)
—

 
—

 
—

 
—

Net income
$
678

 
$
76

 
$
1,039

 
$
1,505

Basic earnings per common share
$
0.03

 
$
—

 
$
0.05

 
$
0.08

Diluted earnings per common share
$
0.03

 
$
—

 
$
0.05

 
$
0.08


The Company recorded net income of $1.5 million for the fourth quarter of 2013. The Company’s net interest income before provision for loan losses increased to $11.5 million due to stronger loan originations and improved asset quality. The Company’s fourth quarter 2013 operating results included a $1.2 million recovery of loan losses. The recovery is primarily due to the growth in our loan portfolio focused on loan types with lower loss ratios based on our historical loss experience and the historical loan loss factors improved as the losses incurred in earlier periods aged, therefore are weighted less in the calculation. Noninterest expense included $811,000 of nonperforming asset management and OREO expense.