Note 21 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Quarterly Financial Information [Text Block]

21 . Quarterly Financial Data (Unaudited)

(In thousands, except per share data)
Quarters Ended 2016	March 31			June 30			Sept. 30			Dec. 31
Interest income	$	15,330		$	14,973		$	14,619		$	14,449
Interest expense		2,043			1,975			1,809			928
Net interest income		13,287			12,998			12,810			13,521
Provision for loan losses		(473	)		(156	)		(190	)		175
Net interest income after provision for loan losses		13,760			13,154			13,000			13,346
Noninterest income		9,542	1		5,521			10,772	2		5,351
Noninterest expense		14,407			13,884			17,888	2		15,221
Income before income taxes		8,895			4,791			5,884			3,476
Income tax expense		2,715			1,235			1,560			931
Net income		6,180			3,556			4,324			2,545
Less preferred stock dividends and discount accretion		-			-			-			-
Net income available to common shareholders	$	6,180		$	3,556		$	4,324		$	2,545
Net income per common share, basic and diluted	$	.82		$	.47		$	.58		$	.34
Weighted average common shares outstanding, basic and diluted		7,500			7,502			7,505			7,508

1

Noninterest income includes

$4.1

million related to the gain on the early extinguishment of subordinated notes payable.

2

Noninterest income includes

$3.8

million of gain on the sale of investment securities and noninterest expense includes

$3.8

million of loss on the early extinguishment of debt, both related to a series of transactions to deleverage the balance sheet.

(In thousands, except per share data)
Quarters Ended 2015	March 31			June 30			Sept. 30			Dec. 31
Interest income	$	15,220		$	15,721		$	15,123		$	15,172
Interest expense		2,217			2,148			2,158			2,118
Net interest income		13,003			13,573			12,965			13,054
Provision for loan losses		(1,545	)		(264	)		(898	)		(722	)
Net interest income after provision for loan losses		14,548			13,837			13,863			13,776
Noninterest income		5,441			5,508			5,689			5,573
Noninterest expense		14,510			14,474			14,281			14,685
Income before income taxes		5,479			4,871			5,271			4,664
Income tax expense		1,405			1,369			1,439			1,080
Net income		4,074			3,502			3,832			3,584
Less preferred stock dividends and discount accretion		225			170			-			-
Net income available to common shareholders	$	3,849		$	3,332		$	3,832		$	3,584
Net income per common share, basic and diluted	$	.51		$	.44		$	.51		$	.48
Weighted average common shares outstanding, basic and diluted		7,490			7,492			7,495			7,497

The quarterly financial information in the tables above reflects all adjustments which are necessary for a fair statement of results of the interim period.