Quarterly Financial Data (Unaudited)
|12 Months Ended|
Dec. 31, 2020
|Quarterly Financial Information Disclosure [Abstract]|
|Quarterly Financial Data (Unaudited)||
NOTE 23. QUARTERLY FINANCIAL DATA (UNAUDITED)
The summary quarterly financial information set forth below for each of the last eight quarters has been derived from the Company’s unaudited interim consolidated financial statements and other financial information. The summary historical quarterly financial information includes all adjustments consisting of normal recurring accruals that the Company considers necessary for a fair presentation of the financial position and the results of operations for these periods.
The information below is only a summary and should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated historical financial statements and the related notes thereto included in this Annual Report on Form 10-K.
The increase in non-interest income during the third and fourth quarters was due to the recognition of deferred loan origination fees, net of deferred loan origination costs associated with PPP loans. At the time of loan forgiveness all deferred fees, net of costs are recognized immediately. Additionally, the gain on sale of Main Street Lending Program loans increased non-interest income during the fourth quarter by $3.7 million.
The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef