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Quarterly Financial Results
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Results [Abstract]  
Quarterly Financial Results

 

 

NOTE 21 – QUARTERLY FINANCIAL RESULTS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2015

  

 

    

First Quarter

    

Second Quarter

    

Third Quarter

    

Fourth Quarter

 

Interest income

 

$
5,837,326

 

$
5,981,886

 

$
5,878,417

 

$
5,511,877

 

Interest expense

 

 
498,177

 

 
474,642

 

 
456,659

 

 
405,405

 

Net interest income

 

 
5,339,149

 

 
5,507,244

 

 
5,421,758

 

 
5,106,472

 

Provision for loan losses

 

 
275,109

 

 
296,700

 

 
306,387

 

 
264,326

 

Net interest income after provision for loan losses

 

 
5,064,040

 

 
5,210,544

 

 
5,115,371

 

 
4,842,146

 

Noninterest income

 

 
1,237,220

 

 
1,586,733

 

 
1,494,778

 

 
1,100,523

 

Noninterest expenses

 

 
5,699,884

 

 
5,931,998

 

 
5,755,755

 

 
5,198,288

 

Income before income taxes

 

 
601,376

 

 
865,279

 

 
854,394

 

 
744,381

 

Income taxes

 

 
258,123

 

 
319,364

 

 
324,977

 

 
232,201

 

Net Income

 

$
343,253

 

$
545,915

 

$
529,417

 

$
512,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share-basic

 

$
0.03

 

$
0.05

 

$
0.05

 

$
0.05

 

Net income per share-diluted

 

$
0.03

 

$
0.05

 

$
0.05

 

$
0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

 

    

First Quarter

    

Second Quarter

    

Third Quarter

    

Fourth Quarter

  

Interest income

 

$
5,486,904

 

$
6,089,803

 

$
5,822,604

 

$
6,715,689

 

Interest expense

 

 
309,059

 

 
301,169

 

 
299,074

 

 
347,897

 

Net interest income

 

 
5,177,845

 

 
5,788,634

 

 
5,523,530

 

 
6,367,792

 

Provision for loan losses

 

 
219,165

 

 
140,679

 

 
220,373

 

 
221,471

 

Net interest income after provision for loan losses

 

 
4,958,680

 

 
5,647,955

 

 
5,303,157

 

 
6,146,321

 

Bargain purchase gain

 

 

 —

 

 
524,432

 

 

 —

 

 

 —

 

Other noninterest income

 

 
1,253,372

 

 
3,740,534

 

 
1,127,392

 

 
1,118,497

 

Total noninterest income

 

 
1,253,372

 

 
4,264,966

 

 
1,127,392

 

 
1,118,497

 

Noninterest expenses

 

 
6,339,673

 

 
6,255,702

 

 
7,971,649

 

 
6,947,393

 

(Loss) Income before income taxes

 

 
(127,621)

 

 
3,657,219

 

 
(1,541,100)

 

 
317,425

 

Income (benefit) taxes

 

 
(209,356)

 

 
1,004,263

 

 
(599,585)

 

 
(922,107)

 

Net Income (loss)

 

$
81,735

 

$
2,652,956

 

$
(941,515)

 

$
1,239,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income(loss) per share - basic

 

$
0.01

 

$
0.26

 

$
(0.09)

 

$
0.12

 

Net income(loss) per share - diluted

 

$
0.01

 

$
0.25

 

$
(0.09)

 

$
0.12

 

 

(1)  The bargain purchase gain for the second quarter was retroactively restated downward for measurement period adjustments of $186,682 in the third quarter and adjusted upward for measurement period adjustments of $13,588 in the fourth quarter.