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Selected Quarterly Financial Data (unaudited) (Notes)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (unaudited)
SELECTED QUARTERLY FINANCIAL DATA (unaudited)
 
For the year ended December 31, 2018
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Interest income
$
14,748

 
$
15,020

 
$
15,373

 
$
16,146

Interest expense
1,727

 
2,039

 
2,408

 
3,043

Net interest income
13,021

 
12,981

 
12,965

 
13,103

Provision for (recovery of) loan losses
(258
)
 
23

 
(23
)
 
403

Net interest income
13,279

 
12,958

 
12,988

 
12,700

Noninterest income
1,539

 
3,094

 
1,570

 
8,674

Noninterest expense
9,959

 
10,215

 
9,425

 
11,155

Income before income taxes
4,859

 
5,837

 
5,133

 
10,219

Income tax expense
1,300

 
1,207

 
1,396

 
2,803

Net income
$
3,559

 
$
4,630

 
$
3,737

 
$
7,416

Basic earnings per common share
$
0.20

 
$
0.26

 
$
0.22

 
$
0.44

Diluted earnings per common share
0.20

 
0.26

 
0.22

 
0.44


The Company recorded net income of $7.4 million, or $0.44 per common share, for the fourth quarter of 2018. The Company’s net interest income before provision for loan losses was $13.1 million due to stronger loan originations and improved asset quality, which was offset by increased interest bearing liabilities at higher cost of funds. The Company’s fourth quarter 2018 operating results include $3.6 million of gain on sale of Visa B stock common shares as well as $3.4 million in unrealized gain on Visa B common shares. Compensation expense includes $1.0 million in accrued expense, related to certain contract termination and severance payments.
 
For the year ended December 31, 2017
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Interest income
$
13,362

 
$
13,649

 
$
14,121

 
$
15,047

Interest expense
1,276

 
1,456

 
1,615

 
1,742

Net interest income
12,086

 
12,193

 
12,506

 
13,305

Provision for (recovery of) loan losses
161

 
49

 
(225
)
 
(72
)
Net interest income
11,925

 
12,144

 
12,731

 
13,377

Noninterest income
1,544

 
1,607

 
1,623

 
1,634

Noninterest expense
11,266

 
9,607

 
10,200

 
9,318

Income before income taxes
2,203

 
4,144

 
4,154

 
5,693

Income tax expense
322

 
1,572

 
594

 
4,702

Net income
$
1,881

 
$
2,572

 
$
3,560

 
$
991

Basic earnings per common share
$
0.10

 
$
0.14

 
$
0.20

 
$
0.06

Diluted earnings per common share
0.10

 
0.14

 
0.20

 
0.06


The Company recorded net income of $1.0 million, or $0.06 per common share, for the fourth quarter of 2017. The Company’s net interest income before provision for loan losses was $13.3 million due to stronger loan originations and improved asset quality. which was offset by increased interest bearing liabilities at higher cost of funds. The Company’s fourth quarter 2017 operating results included a $2.5 million provision for taxes related to Tax Cuts and Jobs Act of 2017.