QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Dec. 31, 2014

Quarterly Results Of Operations

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

17. Quarterly Results of Operations (unaudited)

The tables below represent the quarterly results of operations for the years ended December 31, 2014 and 2013, respectively:

	2014
	FOURTH		THIRD		SECOND		FIRST
Total interest and fee income	$	3,475,648	$	3,419,865		3,315,756	$	3,206,985
Total interest expense		100,047		104,253		103,024		101,623
Net interest income		3,375,601		3,315,612		3,212,732		3,105,362
Provision for loan losses		20,000		12,500		20,000		30,000
Net interest income after provisions for loan losses		3,355,601		3,303,112		3,192,732		3,075,362
Other income		741,128		617,385		683,235		539,335
Other expense		2,375,787		2,241,978		2,252,940		2,240,499
Income before income tax expense		1,720,942		1,678,519		1,623,027		1,374,198
Income tax expense		529,560		536,806		513,100		418,400
Net income	$	1,191,382	$	1,141,713	$	1,109,927	$	955,798
Basic income per common share	$	0.27	$	0.26	$	0.25	$	0.21
Diluted income per common share	$	0.26	$	0.25	$	0.24	$	0.21

	2013
	FOURTH		THIRD		SECOND		FIRST
Total interest and fee income	$	3,220,590	$	3,213,868		3,255,248	$	3,062,086
Total interest expense		107,682		102,850		104,169		101,427
Net interest income		3,112,908		3,111,018		3,151,079		2,960,659
Provision for loan losses		12,500		25,000		95,000		75,000
Net interest income after  provisions for loan losses		3,100,408		3,086,018		3,056,079		2,885,659
Other income		516,393		624,447		624,158		731,419
Other expense		2,227,178		2,162,238		2,161,678		2,166,756
Income before income tax expense		1,389,623		1,548,227		1,518,559		1,450,322
Income tax expense		419,755		484,050		474,485		451,517
Net income	$	969,868	$	1,064,177	$	1,044,074	$	998,805
Basic income per common share	$	0.23	$	0.24	$	0.23	$	0.22
Diluted income per common  share	$	0.22	$	0.24	$	0.23	$	0.22