Note 21 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Quarterly Financial Information [Text Block]

21 . Quarterly Financial Data (Unaudited)

(In thousands, except per share data)
Quarters Ended 2017	March 31		June 30			Sept. 30			Dec. 31
Interest income	$	14,379	$	14,830		$	14,983		$	15,094
Interest expense		916		881			893			820
Net interest income		13,463		13,949			14,090			14,274
Provision for loan losses		580		(499	)		(379	)		87
Net interest income after provision for loan losses		12,883		14,448			14,469			14,187
Noninterest income		5,251		5,102			5,627			5,185
Noninterest expense		13,529		13,346			12,708			13,240
Income before income taxes		4,605		6,204			7,388			6,132
Income tax expense		1,276		1,722			2,076			7,567	1
Net income (loss)	$	3,329	$	4,482		$	5,312		$	(1,435	)
Net income (loss) per common share, basic and diluted	$	.44	$	.60		$	.71		$	(.19	)
Weighted average common shares outstanding, basic and diluted		7,510		7,512			7,514			7,516

1

Income tax expense includes

$5.9

million related to the remeasurement of the Company’s net deferred tax assets due to the change in Federal tax rates.

(In thousands, except per share data)
Quarters Ended 201 6	March 31			June 30			Sept. 30			Dec. 31
Interest income	$	15,330		$	14,973		$	14,619		$	14,449
Interest expense		2,043			1,975			1,809			928
Net interest income		13,287			12,998			12,810			13,521
Provision for loan losses		(473	)		(156	)		(190	)		175
Net interest income after provision for loan losses		13,760			13,154			13,000			13,346
Noninterest income		9,542	1		5,521			10,772	2		5,351
Noninterest expense		14,407			13,884			17,888	2		15,221
Income before income taxes		8,895			4,791			5,884			3,476
Income tax expense		2,715			1,235			1,560			931
Net income	$	6,180		$	3,556		$	4,324		$	2,545
Net income per common share, basic and diluted	$	.82		$	.47		$	.58		$	.34
Weighted average common shares outstanding, basic and diluted		7,500			7,502			7,505			7,508

1

Noninterest income includes

$4.1

million related to the gain on the early extinguishment of subordinated notes payable.

2

Noninterest income includes

$3.8

million of gain on the sale of investment securities and noninterest expense includes

$3.8

million of loss on the early extinguishment of debt, both related to a series of transactions to deleverage the balance sheet.

The

quarterly financial information in the tables above reflects all adjustments which are necessary for a fair statement of results of the interim period.