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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest Income        
Loans, including fees $ 21,962 $ 21,886 $ 63,876 $ 65,171
Investment securities - Taxable 1,973 1,374 5,497 4,021
Investment securities -Exempt from federal income taxes 238 163 712 618
Other 116 202 816 603
Total interest income 24,289 23,625 70,901 70,413
Interest Expense        
Deposits 1,683 3,506 7,633 9,802
Short-term borrowings   539   1,805
Long-term debt 841 899 2,575 2,714
Total interest expense 2,524 4,944 10,208 14,321
Net interest income 21,765 18,681 60,693 56,092
Provision for loan losses 3,500 1,498 9,500 5,515
Net interest income after provision for loan losses 18,265 17,183 51,193 50,577
Noninterest Income        
Retirement and benefit services 15,104 15,307 45,034 46,142
Wealth management 4,486 3,896 12,644 11,385
Mortgage banking 22,269 8,135 44,860 19,739
Service charges on deposit accounts 355 447 1,075 1,321
Net gains (losses) on investment securities 1,428 48 2,722 357
Other 1,614 1,747 4,340 5,694
Total noninterest income 45,256 29,580 110,675 84,638
Noninterest Expense        
Compensation 22,740 20,041 62,684 54,997
Employee taxes and benefits 5,033 4,600 15,088 15,188
Occupancy and equipment expense 2,768 2,700 8,392 8,086
Business services, software and technology expense 4,420 4,224 13,384 12,044
Intangible amortization expense 990 990 2,971 3,091
Professional fees and assessments 1,031 1,051 3,231 3,146
Marketing and business development 929 890 2,088 2,024
Supplies and postage 247 631 1,625 2,027
Travel 26 435 338 1,335
Mortgage and lending expenses 1,231 751 3,466 1,966
Other 799 1,014 3,407 2,198
Total noninterest expense 40,214 37,327 116,674 106,102
Income before income taxes 23,307 9,436 45,194 29,113
Income tax expense 5,648 2,332 10,698 7,225
Net income $ 17,659 $ 7,104 $ 34,496 $ 21,888
Basic earnings per common share $ 1.01 $ 0.49 $ 1.98 $ 1.53
Diluted earnings per common share 0.99 0.48 1.94 1.49
Dividends declared per common share $ 0.15 $ 0.14 $ 0.45 $ 0.42
Average common shares outstanding 17,121 14,274 17,101 13,957
Diluted average common shares outstanding 17,453 14,626 17,435 14,317