Note 21. Quarterly Results of Operations (unaudited)

The following is a condensed summary of the quarterly results of consolidated operations of the Corporation for the years ended December 31, 2017 and 2016:


(Dollars in thousands, except per share)	Three months ended
	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017

Interest income	$	9,546	$	9,938	$	10,063	$	10,339
Interest expense		581		590		629		691
Net interest income		8,965		9,348		9,434		9,648
Provision for loan losses		120		50		250		250
Other noninterest income		2,923		3,155		2,970		3,137
Securities gains		2		—		1		—
Noninterest expense		7,957		8,161		8,305		18,750	*
Income (loss) before income taxes		3,813		4,292		3,850		(6,215)
Federal income tax expense		793		950		774		1,048	**
Net Income	$	3,020		3,342		3,076		(7,263)
Basic earnings per share	$	0.70	$	0.77	$	0.71	$	(1.67)
Diluted earnings per share	$	0.70	$	0.77	$	0.70	$	(1.67)
Dividends declared per share	$	0.21	$	0.24	$	0.24	$	0.24

*Includes $10 million for the accrual of a legal settlement described in Item 3 Legal Proceedings

** Includes $2.3 million for revaluation of the net deferred tax assets


(Dollars in thousands, except per share)	Three months ended
	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016

Interest income	$	9,098	$	8,988	$	9,348	$	9,544
Interest expense		545		548		563		589
Net interest income		8,553		8,440		8,785		8,955
Provision for loan losses		300		1,875		1,150		450
Other noninterest income		2,981		2,854		2,813		2,984
Securities (losses) gains		(28)		2		(10)		8
Noninterest expense		7,795		7,730		7,980		9,670
Income before income taxes		3,411		1,691		2,458		1,827
Federal income tax expense		685		130		383		104
Net Income	$	2,726		1,561		2,075		1,723
Basic earnings per share	$	0.64	$	0.36	$	0.48	$	0.40
Diluted earnings per share	$	0.64	$	0.36	$	0.48	$	0.40
Dividends declared per share	$	0.19	$	0.21	$	0.21	$	0.21

Due to rounding, the sum of the quarters may not equal the amount reported for the year.