CASH 2017 Annual Report

141 NOTE 18. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) QUARTER ENDED December 31 March 31 June 30 September 30 (Dollars in Thousands) Fiscal Year 2017 Interest income $ 22,575 $ 27,718 $ 28,861 $ 28,949 Interest expense 2,742 3,752 3,918 4,461 Net interest income 19,833 23,966 24,943 24,488 Provision (recovery) for loan losses 843 8,649 1,240 (144) Net Income 1,244 32,142 9,787 1,744 Earnings per common and common equivalent share Basic $ 0.14 $ 3.44 $ 1.05 $ 0.19 Diluted 0.14 3.42 1.04 0.19 Dividend declared per share 0.13 0.13 0.13 0.13 Fiscal Year 2016 Interest income $ 18,275 $ 20,629 $ 20,763 $ 21,729 Interest expense 720 691 844 1,836 Net interest income 17,555 19,938 19,919 19,893 Provision for loan losses 786 1,173 2,098 548 Net Income 4,058 14,283 8,873 6,006 Earnings per common and common equivalent share Basic $ 0.49 $ 1.68 $ 1.04 $ 0.70 Diluted 0.49 1.67 1.04 0.70 Dividend declared per share 0.13 0.13 0.13 0.13 Fiscal Year 2015 Interest income $ 14,232 $ 15,758 $ 15,254 $ 16,363 Interest expense 661 473 593 660 Net interest income 13,571 15,285 14,661 15,703 Provision for loan losses 48 593 700 124 Net Income 3,595 5,181 4,640 4,639 Earnings per common and common equivalent share Basic $ 0.58 $ 0.79 $ 0.67 $ 0.64 Diluted 0.58 0.78 0.66 0.63 Dividend declared per share 0.13 0.13 0.13 0.13 NOTE 19. FAIR VALUES OF FINANCIAL INSTRUMENTS Accounting Standards Codification (“ASC”) 820, Fair Value Measurements defines fair value, establishes a framework for measuring the fair value of assets and liabilities using a hierarchy system and requires disclosures about fair value measurement. It clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. The fair value hierarchy is as follows: Level 1 Inputs – Valuation is based upon quoted prices for identical instruments traded in active markets that the Company has the ability to access at measurement date.