Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

v3.20.4
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.

 

 

 

For the Quarters Ended December 31, 2020

 

 

 

Q4

 

 

Q3

 

 

Q2

 

 

Q1

 

 

 

(Dollars in thousands)

 

Selected income statement data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

33,697

 

 

$

30,481

 

 

$

30,554

 

 

$

28,813

 

Interest expense

 

 

3,825

 

 

 

4,267

 

 

 

4,503

 

 

 

5,015

 

Net interest income

 

 

29,872

 

 

 

26,214

 

 

 

26,051

 

 

 

23,798

 

Provision for loan losses

 

 

4,417

 

 

 

2,831

 

 

 

2,838

 

 

 

1,171

 

Net interest income after provision for loan losses

 

 

25,455

 

 

 

23,383

 

 

 

23,213

 

 

 

22,627

 

Noninterest income

 

 

8,780

 

 

 

4,819

 

 

 

2,565

 

 

 

2,712

 

Noninterest expense

 

 

18,427

 

 

 

19,293

 

 

 

16,104

 

 

 

20,960

 

Income before income tax expense

 

 

15,808

 

 

 

8,909

 

 

 

9,674

 

 

 

4,379

 

Income tax expense

 

 

3,353

 

 

 

1,821

 

 

 

1,980

 

 

 

305

 

Net income

 

$

12,455

 

 

$

7,088

 

 

$

7,694

 

 

$

4,074

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.73

 

 

$

0.41

 

 

$

0.44

 

 

$

0.22

 

Diluted

 

$

0.72

 

 

$

0.41

 

 

$

0.44

 

 

$

0.22

 

 

 

 

For the Quarters Ended December 31, 2019

 

 

 

Q4

 

 

Q3

 

 

Q2

 

 

Q1

 

 

 

(Dollars in thousands)

 

Selected income statement data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

27,075

 

 

$

25,001

 

 

$

24,300

 

 

$

18,884

 

Interest expense

 

 

4,850

 

 

 

4,522

 

 

 

4,549

 

 

 

3,449

 

Net interest income

 

 

22,225

 

 

 

20,479

 

 

 

19,751

 

 

 

15,435

 

Provision for loan losses

 

 

775

 

 

 

900

 

 

 

332

 

 

 

849

 

Net interest income after provision for loan losses

 

 

21,450

 

 

 

19,579

 

 

 

19,419

 

 

 

14,586

 

Noninterest income

 

 

5,054

 

 

 

2,681

 

 

 

3,775

 

 

 

3,057

 

Noninterest expense

 

 

18,659

 

 

 

15,556

 

 

 

15,825

 

 

 

13,004

 

Income before income tax expense

 

 

7,845

 

 

 

6,704

 

 

 

7,369

 

 

 

4,639

 

Income tax expense

 

 

1,676

 

 

 

1,374

 

 

 

1,542

 

 

 

829

 

Net income

 

$

6,169

 

 

$

5,330

 

 

$

5,827

 

 

$

3,810

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.35

 

 

$

0.42

 

 

$

0.31

 

Diluted

 

$

0.35

 

 

$

0.34

 

 

$

0.41

 

 

$

0.30

 

 

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.