Note 26 - Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Quarterly Financial Information [Text Block]

(26) Quarterly Operating Results (unaudited)

A summary of quarterly operating results follows:

	2019
(in thousands except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	37,795	$	37,973	$	36,968	$	35,029
Interest expense		5,075		5,903		6,194		5,372
Net interest income		32,720		32,070		30,774		29,657
Provision for loan and lease losses		-		400		-		600
Net interest income after provision		32,720		31,670		30,774		29,057
Non-interest income		13,161		13,304		12,263		11,062
Non-interest expenses		26,291		23,957		25,464		22,639
Income before income taxes		19,590		21,017		17,573		17,480
Income tax expense		2,941		3,783		1,030		1,839
Net income	$	16,649	$	17,234	$	16,543	$	15,641
Basic earnings per share	$	0.74	$	0.76	$	0.73	$	0.69
Diluted earnings per share	$	0.73	$	0.76	$	0.72	$	0.68

	2018
(in thousands except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	35,004	$	33,021	$	32,004	$	29,744
Interest expense		5,092		4,500		3,330		2,435
Net interest income		29,912		28,521		28,674		27,309
Provision for loan and lease losses		-		735		1,235		735
Net interest income after provision		29,912		27,786		27,439		26,574
Non-interest income		11,576		11,426		11,435		10,909
Non-interest expenses		24,565		21,781		22,136		21,027
Income before income taxes		16,923		17,431		16,738		16,456
Income tax expense		2,265		3,555		3,159		3,052
Net income	$	14,658	$	13,876	$	13,579	$	13,404
Basic earnings per share	$	0.65	$	0.61	$	0.60	$	0.59
Diluted earnings per share	$	0.64	$	0.60	$	0.59	$	0.58

	2017
(in thousands except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	29,098	$	28,120	$	27,026	$	26,655
Interest expense		2,069		1,947		1,781		1,449
Net interest income		27,029		26,173		25,245		25,206
Provision for loan and lease losses		900		150		600		900
Net interest income after provision		26,129		26,023		24,645		24,306
Non-interest income		11,407		10,945		11,525		10,622
Non-interest expenses		27,048		21,168		21,209		20,995
Income before income taxes		10,488		15,800		14,961		13,933
Income tax expense		5,542		4,096		4,359		3,142
Net income	$	4,946	$	11,704	$	10,602	$	10,791
Basic earnings per share	$	0.22	$	0.52	$	0.47	$	0.48
Diluted earnings per share	$	0.22	$	0.51	$	0.46	$	0.47

Note: The sum of EPS of each of the quarter may not add to the year-to-date amount reported in Bancorp’s consolidated financial statements due to rounding.