Note 26 - Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

(26) Quarterly Operating Results (unaudited)

A summary of quarterly operating results follows:

	2020
(dollars in thousands except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	38,339	$	36,144	$	36,506	$	36,882
Interest expense		2,087		2,449		2,978		4,436
Net interest income		36,252		33,695		33,528		32,446
Provision for loan and lease losses		1,400		4,418		5,550		5,550
Net interest income after provision		34,852		29,277		27,978		26,896
Non-interest income		13,698		13,043		12,622		12,536
Non-interest expenses		28,129		26,196		24,884		23,950
Income before income taxes		20,421		16,124		15,716		15,482
Income tax expense		2,685		1,591		2,348		2,250
Net income	$	17,736	$	14,533	$	13,368	$	13,232
Basic earnings per share	$	0.79	$	0.64	$	0.59	$	0.59
Diluted earnings per share	$	0.78	$	0.64	$	0.59	$	0.58

	2019
(dollars in thousands except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	37,831	$	38,009	$	36,996	$	35,056
Interest expense		5,075		5,903		6,194		5,372
Net interest income		32,756		32,106		30,802		29,684
Provision for loan and lease losses		—		400		—		600
Net interest income after provision		32,756		31,706		30,802		29,084
Non-interest income		12,987		13,209		12,224		11,008
Non-interest expenses		26,153		23,898		25,453		22,612
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
(dollars in thousands except per share data)	4th quarter		3rd quarter		2nd quarter		1st quarter
Interest income	$	35,039	$	33,063	$	32,043	$	29,787
Interest expense		5,092		4,500		3,330		2,435
Net interest income		29,947		28,563		28,713		27,352
Provision for loan and lease losses		—		735		1,235		735
Net interest income after provision		29,947		27,828		27,478		26,617
Non-interest income		11,472		11,328		11,340		10,926
Non-interest expenses		24,496		21,725		22,080		21,087
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

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.