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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest Income        
Loans, including fees $ 21,886 $ 20,576 $ 65,171 $ 59,594
Investment securities - Taxable 1,374 1,129 4,021 3,475
Investment securities -Exempt from federal income taxes 163 301 618 927
Other 202 191 603 475
Total interest income 23,625 22,197 70,413 64,471
Interest Expense        
Deposits 3,506 1,790 9,802 4,481
Short-term borrowings 539 575 1,805 1,331
Long-term debt 899 903 2,714 2,688
Total interest expense 4,944 3,268 14,321 8,500
Net interest income 18,681 18,929 56,092 55,971
Provision for loan losses 1,498 1,530 5,515 7,080
Net interest income after provision for loan losses 17,183 17,399 50,577 48,891
Noninterest Income        
Retirement and benefit services 15,307 15,536 46,142 46,873
Wealth management 3,896 3,685 11,385 10,948
Mortgage banking 8,135 5,318 19,739 13,551
Service charges on deposit accounts 447 442 1,321 1,333
Net gains (losses) on investment securities 48 13 357 119
Other 1,747 1,264 5,694 3,784
Total noninterest income 29,580 26,258 84,638 76,608
Noninterest Expense        
Compensation 20,041 17,873 54,997 50,906
Employee benefits 4,600 4,314 15,188 13,606
Occupancy and equipment expense 2,700 2,698 8,086 8,215
Business services, software and technology expense 4,224 3,731 12,044 10,467
Intangible amortization expense 990 1,196 3,091 3,588
Professional fees and assessments 1,051 1,628 3,146 3,734
Marketing and business development 890 856 2,024 2,439
Supplies and postage 631 611 2,027 1,902
Travel 435 382 1,335 1,252
Mortgage and lending expenses 751 437 1,966 1,597
Other 1,014 610 2,198 2,708
Total noninterest expense 37,327 34,336 106,102 100,414
Income before income taxes 9,436 9,321 29,113 25,085
Income tax expense 2,332 1,951 7,225 5,252
Net income $ 7,104 $ 7,370 $ 21,888 $ 19,833
Basic earnings per common share $ 0.49 $ 0.53 $ 1.53 $ 1.44
Diluted earnings per common share 0.48 0.52 1.49 1.41
Dividends declared per common share $ 0.14 $ 0.13 $ 0.42 $ 0.39
Average common shares outstanding 14,274 13,777 13,957 13,759
Diluted average common shares outstanding 14,626 14,071 14,317 14,060