Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL DATA (Unaudited)

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QUARTERLY FINANCIAL DATA (Unaudited)
 12 Months Ended
Dec. 31, 2017
QUARTERLY FINANCIAL DATA (Unaudited) [Abstract]  
QUARTERLY FINANCIAL DATA (Unaudited)
NOTE 19 – QUARTERLY FINANCIAL DATA (Unaudited)

(Dollars in thousands except per share data)
               
Earnings Per Common Share
  
   
Interest Income
    
Net Interest
 Income
    
Provision for
Loan Losses
    
Net Income
    
Basic
    
Diluted
  
2017
                                    
First quarter
  
$
13,848
    
$
12,583
    
$
(500
)
  
$
4,460
    
$
0.13
    
$
0.13
  
Second quarter
    
14,042
      
12,705
      
(500
)
    
4,762
      
0.14
      
0.14
  
Third quarter
    
14,626
      
13,138
      
(350
)
    
4,876
      
0.15
      
0.15
  
Fourth quarter
    
15,160
      
13,517
      
---
      
2,194
      
0.06
      
0.06
  
                                                 
2016
                                                
First quarter
  
$
13,008
    
$
11,738
    
$
(100
)
  
$
3,495
    
$
0.10
    
$
0.10
  
Second quarter
    
12,873
      
11,608
      
(750
)
    
3,745
      
0.11
      
0.11
  
Third quarter
    
13,122
      
11,902
      
(250
)
    
4,603
      
0.14
      
0.14
  
Fourth quarter
    
13,496
      
12,292
      
(250
)
    
4,108
      
0.12
      
0.12
  

Net  income for the fourth quarter of 2017 included $2.5 million in federal income tax expense to revalue net deferred tax assets under the newly enacted federal income tax rate.  Net income for the first quarter of 2016 was positively impacted by the distribution of $290,000 in net benefits from bank owned life insurance due to the death of a former employee.  Net income for the third quarter of 2016 was positively impacted by $513,000 due to the realization of certain tax credits and other adjustments from the Company’s 2015 federal income tax return which was filed during the quarter.