Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements.

Quarterly Financial Data (Unaudited)

23. Quarterly Financial Data (unaudited)

Selected unaudited quarterly financial data for the fiscal years ended December 31, 2023 and 2022 is presented below:

	2023								2022
	4th		3rd		2nd		1st		4th		3rd		2nd		1st
	(In thousands, except per share data)
Quarterly operating data:
Interest income	$	108,763	$	104,036	$	96,561	$	92,117	$	89,270	$	81,745	$	74,291	$	71,320
Interest expense		62,678		59,609		53,183		46,855		35,069		20,539		9,561		7,841
Net interest income		46,085		44,427		43,378		45,262		54,201		61,206		64,730		63,479
Provision (benefit) for loan losses		998		596		1,416		7,508		(12)		2,145		1,590		1,358
Other operating income (loss)		7,402		3,309		5,020		6,857		(7,652)		8,995		7,353		1,313
Other operating expense		40,735		36,388		35,110		39,156		33,742		35,634		35,522		38,794
Income before income tax expense		11,754		10,752		11,872		5,455		12,819		32,422		34,971		24,640
Income tax expense		3,655		2,917		3,186		1,411		2,570		8,980		9,936		6,421
Net income	$	8,099	$	7,835	$	8,686	$	4,044	$	10,249	$	23,442	$	25,035	$	18,219
Basic earnings per common share	$	0.27	$	0.26	$	0.29	$	0.13	$	0.34	$	0.76	$	0.81	$	0.58
Diluted earnings per common share	$	0.27	$	0.26	$	0.29	$	0.13	$	0.34	$	0.76	$	0.81	$	0.58
Dividends per common share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22
Average common shares outstanding for:
Basic earnings per share		29,650		29,703		30,090		30,265		30,420		30,695		30,937		31,254
Diluted earnings per share		29,650		29,703		30,090		30,265		30,420		30,695		30,937		31,254

As previously disclosed on Form 8-K filed on January 26, 2024, the Company’s consolidated financial statements and ratios for the three month period ended March 31, 2023, the three and  six month periods ended June 30, 2023 and the three and nine month periods ended September 30, 2023, were in need of restatement to correct the accounting treatment of employee retention credits (“ERCs”), which were incorrectly recognized as income during such periods. On February 12, 2024 the Company filed 10-Q/A’s for the quarterly periods ended March 31, 2023, June 30, 2023 and September 30, 2023, to correct the previously reported treatment of ERCs. The change impacted net income by a decrease of $1.1 million for the period ended March 31, 2023, an increase of $0.1 million and a decrease of $1.1 million, respectively, for the three and six month periods ended June 30, 2023, and a decrease of $1.6 million and $2.6 million, respectively, for the three and nine month periods ended September 30, 2023. The table above reflects the corrected financial results.