Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

The unaudited results of operations for the quarters for the years ended December 31, 2019 and 2018 were as follows:


(Dollars and shares in thousands, except per share data)
2019 Quarterly Financial Data:	Fourth		Third		Second		First
Interest income	$	53,369	$	54,300	$	54,060	$	52,364
Interest expense	10,940		11,655		11,425		10,841
Net interest income	42,429		42,645		42,635		41,523
Provision for loan and lease losses	2,227		1,530		2,076		2,685
Net interest income after provision for loan and lease losses	40,202		41,115		40,559		38,838
Noninterest income	16,170		16,599		16,356		16,297
Noninterest expense	37,478		36,270		36,778		35,557
Income before income taxes	18,894		21,444		20,137		19,578
Income taxes	3,384		3,782		3,669		3,499
Net income	$	15,510	$	17,662	$	16,468	$	16,079

Per share data:
Weighted average shares outstanding - basic earnings per share	29,232		29,211		29,181		29,146
Weighted average shares outstanding - diluted earnings per share	29,313		29,285		29,243		29,205

Basic earnings per share	$	0.53	$	0.60	$	0.56	$	0.55
Diluted earnings per share	$	0.53	$	0.60	$	0.56	$	0.55
Dividends per share	$	0.20	$	0.20	$	0.20	$	0.20


(Dollars and shares in thousands, except per share data)
2018 Quarterly Financial Data:	Fourth		Third		Second		First
Interest income	$	51,239	$	49,255	$	46,460	$	43,534
Interest expense	9,862		8,832		7,470		6,262
Net interest income	41,377		40,423		38,990		37,272
Provision for loan and lease losses	103		2,745		15,409		2,053
Net interest income after provision for loan and lease losses	41,274		37,678		23,581		35,219
Noninterest income	14,416		14,861		15,314		15,582
Noninterest expense	33,396		34,371		34,347		35,125
Income before income taxes	22,294		18,168		4,548		15,676
Income taxes	3,922		3,204		191		2,826
Net income	$	18,372	$	14,964	$	4,357	$	12,850

Per share data:
Weighted average shares outstanding - basic earnings per share	29,161		29,232		29,176		29,140
Weighted average shares outstanding - diluted earnings per share	29,220		29,318		29,271		29,234

Basic earnings per share	$	0.63	$	0.51	$	0.15	$	0.44
Diluted earnings per share	$	0.63	$	0.51	$	0.15	$	0.44
Dividends per share	$	0.20	$	0.20	$	0.20	$	0.20

The financial results for the fourth quarter of 2018 included a loan recovery of $1.8 million (after-tax recovery of $1.5 million) which represented $0.05 diluted earnings per share. This recovery related to a loan the Corporation previously charged-off in the amount of $12.7 million (after-tax charge of $10.1 million), or $0.34 diluted earnings per share, in the second quarter of 2018.