Note 26 - Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Quarterly Financial Information [Text Block]

(26)

Quarterly Operating Results (unaudited)

Following is a summary of quarterly operating results (unaudited) for

2016,

2015

and

2014:

	2016
(In thousands, except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	26,368	$	25,942	$	25,162	$	24,700
Interest expense		1,293		1,182		1,212		1,231
Net interest income		25,075		24,760		23,950		23,469
Provision for loan losses		500		1,250		750		500
Net interest income after provision		24,575		23,510		23,200		22,969
Non-interest income		11,319		11,358		10,778		10,082
Non-interest expenses		21,269		20,518		20,193		19,540
Income before income taxes		14,625		14,350		13,785		13,511
Income tax expense		4,009		3,883		3,676		3,676
Net income	$	10,616	$	10,467	$	10,109	$	9,835
Basic earnings per share	$	0.47	$	0.47	$	0.45	$	0.44
Diluted earnings per share		0.46		0.46		0.45		0.44

	2015
(In thousands, except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	24,039	$	23,284	$	23,000	$	22,847
Interest expense		1,217		1,203		1,199		1,233
Net interest income		22,822		22,081		21,801		21,614
(Credit) provision for loan losses		750		-		-		-
Net interest income after provision		22,072		22,081		21,801		21,614
Non-interest income		10,073		9,985		10,219		9,673
Non-interest expenses		18,322		18,430		18,867		17,779
Income before income taxes		13,823		13,636		13,153		13,508
Income tax expense		4,177		4,352		4,151		4,253
Net income	$	9,646	$	9,284	$	9,002	$	9,255
Basic earnings per share	$	0.43	$	0.42	$	0.41	$	0.42
Diluted earnings per share		0.43		0.41		0.40		0.42

	2014
	4th quarter		3rd quarter			2nd quarter		1st quarter
Interest income	$	22,778	$	22,692		$	22,013	$	21,604
Interest expense		1,267		1,329			1,358		1,376
Net interest income		21,511		21,363			20,655		20,228
Provision for loan losses		-		(2,100	)		1,350		350
Net interest income after provision		21,511		23,463			19,305		19,878
Non-interest income		9,773		9,850			10,057		9,475
Non-interest expenses		19,255		18,709			17,701		17,544
Income before income taxes		12,029		14,604			11,661		11,809
Income tax expense		3,307		4,715			3,627		3,632
Net income	$	8,722	$	9,889		$	8,034	$	8,177
Basic earnings per share	$	0.40	$	0.45		$	0.37	$	0.37
Diluted earnings per share		0.39		0.45			0.37		0.37

Note:  The sum of earnings per share of each of the quarters in

2016,

2015

and

2014

may

not add to the year-to-date amount reported in Bancorp’s consolidated financial statements due to rounding

.