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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Loans, including fees $ 21,372 $ 21,712 $ 41,914 $ 43,285
Investment securities - Taxable 1,765 1,338 3,524 2,647
Investment securities -Exempt from federal income taxes 239 211 474 455
Other 130 217 700 401
Total interest income 23,506 23,478 46,612 46,788
Interest Expense        
Deposits 2,558 3,548 5,950 6,296
Short-term borrowings   735   1,266
Long-term debt 857 904 1,734 1,815
Total interest expense 3,415 5,187 7,684 9,377
Net interest income 20,091 18,291 38,928 37,411
Provision for loan losses 3,500 1,797 6,000 4,017
Net interest income after provision for loan losses 16,591 16,494 32,928 33,394
Noninterest Income        
Retirement and benefit services 13,710 15,776 29,930 30,835
Wealth management 4,112 3,878 8,158 7,489
Mortgage banking 17,546 7,035 22,591 11,604
Service charges on deposit accounts 297 430 720 874
Net gains (losses) on investment securities 1,294 182 1,294 309
Other 1,271 2,683 2,726 3,947
Total noninterest income 38,230 29,984 65,419 55,058
Noninterest Expense        
Compensation 21,213 18,143 39,944 34,956
Employee taxes and benefits 4,747 5,160 10,055 10,588
Occupancy and equipment expense 2,869 2,641 5,624 5,386
Business services, software and technology expense 4,520 4,022 8,964 7,820
Intangible amortization expense 991 1,050 1,981 2,101
Professional fees and assessments 1,160 1,029 2,200 2,095
Marketing and business development 549 707 1,159 1,134
Supplies and postage 675 663 1,378 1,396
Travel 51 398 312 900
Mortgage and lending expenses 1,192 769 2,235 1,215
Other 1,767 679 2,608 1,184
Total noninterest expense 39,734 35,261 76,460 68,775
Income before income taxes 15,087 11,217 21,887 19,677
Income tax expense 3,613 2,869 5,050 4,893
Net income $ 11,474 $ 8,348 $ 16,837 $ 14,784
Basic earnings per common share $ 0.66 $ 0.60 $ 0.97 $ 1.07
Diluted earnings per common share 0.65 0.59 0.95 1.05
Dividends declared per common share $ 0.15 $ 0.14 $ 0.30 $ 0.28
Average common shares outstanding 17,111 13,810 17,091 13,796
Diluted average common shares outstanding 17,445 14,100 17,425 14,089