content_image/1038187.jpg
## QUARTERLY RESULTS OF OPERATIONS 

The following table sets forth unaudited consolidated selected quarterly statement of operations data for the years ended December 31, 2020 and 2019. 

<img src='content_image/1038187.jpg'>

*ASU 2016-13 adopted during the fourth quarter of 2020 with a cumulative effect adjustment dated January 1, 2020 therefore September 30, 2020, June 30, 2020, and March 31, 2020 provision amounts reflect the incurred loss calculation. 

Net income available to common shareholders was $26.46 million for the fourth quarter of 2020, compared to the $21.94 million of net income available to common shareholders reported for the fourth quarter of 2019. Diluted net income per common share for the fourth quarter of 2020 amounted to $1.03, compared to $0.86 per common share reported in the fourth quarter of 2019. 

Net interest margin was 3.54% for the fourth quarter of 2020 and 3.51% for the fourth quarter of 2019. Net interest income was $62.11 million for the fourth quarter of 2020 up 12.32% from 2019’s fourth quarter. Net interest margin on a fully taxable-equivalent basis was 3.55% for the fourth quarter of 2020 and 3.52% for the fourth quarter of 2019. Tax-equivalent net interest income was $62.23 million for the fourth quarter of 2020, up 12.22% from 2019’s fourth quarter. 

Our provision for credit losses was $4.97 million in the fourth quarter of 2020 compared to $2.95 million in the fourth quarter of 2019. Net charge-offs were $3.72 million for the fourth quarter 2020, compared to net charge-offs of $0.64 million a year ago. 

Noninterest income for the fourth quarter of 2020 was $25.99 million, compared to $25.58 million for the fourth quarter of 2019. Noninterest expense for the fourth quarter of 2020 was $48.96 million and was $49.35 million in the fourth quarter 2019. 

## Item 7A. Quantitative and Qualitative Disclosures about Market Risk. 

For information regarding Quantitative and Qualitative Disclosures about Market Risk, see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Rate Risk Management. 

