Note S - Consolidated Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Quarterly Financial Information [Text Block]

Note

S

- Consolidated Quarterly Financial Information

(unaudited)

	Quarters Ended
	Mar. 31			Jun. 30		Sept. 30			Dec. 31
201 7
Total interest income	$	11,738		$	10,989	$	11,317		$	11,664
Total interest expense		873			918		1,049			1,135
Net interest income		10,865			10,071		10,268			10,529
Provision for loan losses ( 1 )		145			175		1,601			643
Noninterest income ( 3 )		3,113			2,112		2,282			1,928
Noninterest expense		9,375			9,876		9,222			8,136
Net income		3,217			1,741		1,653			898
Earnings per share	$	0.69		$	0.37	$	0.35		$	0.19
201 6
Total interest income	$	9,770		$	8,913	$	9,824		$	10,841
Total interest expense		670			707		839			806
Net interest income		9,100			8,206		8,985			10,035
Provision for loan losses ( 2 )		479			141		1,708			498
Noninterest income ( 3 )		3,235			1,861		1,693			1,450
Noninterest expense		7,969			7,773		8,828			8,329
Net income		2,832			1,706		358			2,024
Earnings per share	$	0.69		$	0.41	$	0.08		$	0.43
201 5
Total interest income	$	9,627		$	8,866	$	9,016		$	8,825
Total interest expense		697			717		731			694
Net interest income		8,930			8,149		8,285			8,131
Provision for loan losses ( 4 )		(78	)		799		(11	)		380
Noninterest income ( 3 )		3,489			1,917		1,584			1,607
Noninterest expense		7,427			7,554		7,727			6,911
Net income		3,624			1,410		1,642			1,898
Earnings per share	$	0.88		$	0.34	$	0.40		$	0.46

(

1

) During the

third

quarter of

201

7,

the Company experienced higher provision expense that was primarily related to general increases in specific allocations and increases in charge-offs within the commercial and residential real estate portfolios.

(

2

) During the

third

quarter of

2016,

the Company experienced higher provision expense that was primarily related to an increase in specific allocations impacted by the decline in collateral values of

two

impaired commercial real estate loan relationships. A re-appraisal of the commercial properties securing the loans identified further collateral depreciation, which resulted in a

$2,435

increase to the specific allocations related to the loans.

(

3

) The Company’s noninterest income was significantly impacted by seasonal tax refund processing fees. The Bank serves as a facilitator for the clearing of tax refunds for a single tax refund product provider. The Bank processes electronic refund checks/deposits associated with taxpayer refunds, and will, in turn, receive a fee paid by the

third

-party tax refund product provider for each transaction processed. Due to the seasonal nature of tax refund transactions, the majority of income was recorded during the

first

quarter.

(

4

) During the

first

and

third

quarters of

2015,

the Company experienced negative provision expense as a result of lower general allocations of the allowance for loan losses. General allocations were impacted by improved economic trends that include: decreasing historical loan loss factor, lower delinquencies and lower classified/criticized assets.