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QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
12 Months Ended
Dec. 31, 2018
QUARTERLY FINANCIAL DATA (UNAUDITED)  
Schedule of Selected Consolidated Quarterly Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 Quarter Ended

 

(In thousands, except per share amounts)

    

March 31, 

    

June 30, 

    

September 30, 

    

December 31, 

 

Interest income  

 

$

41,364

 

$

41,551

 

$

42,589

 

$

43,480

  

Interest expense

 

 

6,825

 

 

7,622

 

 

8,375

 

 

9,382

  

Net interest income

 

 

34,539

 

 

33,929

  

 

34,214

 

 

34,098

  

Provision for loan losses

 

 

800

 

 

400

  

 

200

 

 

400

 

Net interest income after provision for loan losses

 

 

33,739

 

 

33,529

  

 

34,014

 

 

33,698

  

Non-interest income (loss)

 

 

4,113

 

 

(2,578)

(1)

 

4,918

 

 

5,115

  

Non-interest expense

 

 

22,598

 

 

22,507

  

 

31,004

(2)

 

22,071

(3)

Income before income taxes

 

 

15,254

 

 

8,444

  

 

7,928

 

 

16,742

  

Income tax expense

 

 

3,181

 

 

1,701

  

 

1,381

 

 

2,878

 

Net income

 

$

12,073

  

$

6,743

  

$

6,547

  

$

13,864

  

Basic earnings per share

 

$

0.61

  

$

0.34

  

$

0.33

  

$

0.70

  

Diluted earnings per share

 

$

0.61

  

$

0.34

  

$

0.33

  

$

0.70

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 Quarter Ended

 

(In thousands, except per share amounts)

    

March 31, 

    

June 30, 

    

September 30, 

    

December 31, 

 

Interest income  

 

$

35,217

 

$

36,234

 

$

38,438

 

$

39,960

  

Interest expense

 

 

4,756

 

 

5,441

 

 

6,093

 

 

6,399

  

Net interest income

 

 

30,461

 

 

30,793

  

 

32,345

 

 

33,561

  

Provision for loan losses

 

 

800

 

 

950

  

 

1,900

 

 

10,400

(4)

Net interest income after provision for loan losses

 

 

29,661

 

 

29,843

  

 

30,445

 

 

23,161

  

Non-interest income

 

 

4,122

 

 

4,509

  

 

4,972

 

 

4,499

  

Non-interest expense

 

 

20,296

 

 

21,006

  

 

21,271

 

 

29,154

(5)

Income (loss) before income taxes

 

 

13,487

 

 

13,346

  

 

14,146

 

 

(1,494)

  

Income tax expense

 

 

4,316

 

 

4,505

  

 

4,703

 

 

5,422

(6)

Net income (loss)

 

$

9,171

  

$

8,841

  

$

9,443

  

$

(6,916)

  

Basic earnings (loss) per share

 

$

0.47

  

$

0.45

  

$

0.48

  

$

(0.35)

  

Diluted earnings (loss) per share

 

$

0.47

  

$

0.45

  

$

0.48

  

$

(0.35)

  


(1)

2018 amount includes a pre-tax net securities loss of $7.9 million.

(2)

2018 amount includes a pre-tax charge related to the fraudulent conduct of a business customer of $9.5 million.

(3)

2018 amount includes a pre-tax charge of $0.8 million related to office relocation costs and a pre-tax recovery of $0.6 million related to fraud loss.

(4)

2017 amount includes net charge-offs primarily from loans and specific reserves associated with two relationships of $8.0 million.

(5)

2017 amount includes restructuring costs associated with branch restructuring and charter conversion of $8.0 million.

(6)

2017 amount includes a charge to write-down deferred tax assets due to the enactment of the Tax Act of $7.6 million.