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Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Summarized Quarterly Financial Information (Unaudited) | SUMMARIZED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)A summary of selected quarterly financial information (unaudited) is presented below (in thousands, except for per share data):
| First Quarter* | Second Quarter | Third Quarter | Fourth Quarter
2020 |  |  |  |
Interest income | $ | 48,217 |  | $ | 44,312 |  | $ | 43,231 |  | $ | 42,499 |
Taxable equivalent adjustment | 188 |  | 217 |  | 301 |  | 333 |
Interest income (FTE) | 48,405 |  | 44,529 |  | 43,532 |  | 42,832 |
Interest expense | 7,801 |  | 6,242 |  | 5,254 |  | 4,318 |
Net interest income | 40,604 |  | 38,287 |  | 38,278 |  | 38,514 |
Provision for credit losses | 7,972 |  | 1,250 |  | 1,026 |  | 474 |
Non-interest income | 33,343 |  | 14,631 |  | 16,985 |  | 17,721 |
Non-interest expense | 29,469 |  | 28,468 |  | 28,712 |  | 28,641 |
Income before income tax expense | 36,506 |  | 23,200 |  | 25,525 |  | 27,120 |
Income tax expense | 7,322 |  | 4,732 |  | 5,098 |  | 4,565 |
Taxable equivalent adjustment | (188) |  | (217) |  | (301) |  | (333) |
Net income available to common shareholders | $ | 28,996 |  | $ | 18,251 |  | $ | 20,126 |  | $ | 22,222 |
Net earnings allocated to common shareholders | $ | 28,736 |  | $ | 18,051 |  | $ | 19,929 |  | $ | 21,992 |
Basic earnings per common share | $ | 1.79 |  | $ | 1.12 |  | $ | 1.25 |  | $ | 1.40 |
Diluted earnings per common share | 1.78 |  | 1.12 |  | 1.25 |  | 1.40 |
Average common shares outstanding: |  |  |  |
Basic | 16,080 |  | 16,081 |  | 15,950 |  | 15,708 |
Diluted | 16,101 |  | 16,097 |  | 15,970 |  | 15,733 |
*During this quarter the Company sold the entirety of its Visa Inc. Class B common shares in a cash transaction which resulted in a pre-tax gain of $17.8 million, or $0.84 diluted per share on an after-tax basis. |  |  |  |
2019 |  |  |  |
Interest income | $ | 48,933 |  | $ | 50,238 |  | $ | 49,981 |  | $ | 48,548 |
Taxable equivalent adjustment | 208 |  | 202 |  | 192 |  | 189 |
Interest income (FTE) | 49,141 |  | 50,440 |  | 50,173 |  | 48,737 |
Interest expense | 8,867 |  | 9,327 |  | 9,444 |  | 8,701 |
Net interest income | 40,274 |  | 41,113 |  | 40,729 |  | 40,036 |
(Recovery of) provision for credit losses | (849) |  | (600) |  | 274 |  | (75) |
Non-interest income | 15,925 |  | 17,825 |  | 16,698 |  | 18,042 |
Non-interest expense | 29,411 |  | 30,772 |  | 28,397 |  | 29,034 |
Income before income tax expense | 27,637 |  | 28,766 |  | 28,756 |  | 29,119 |
Income tax expense | 5,810 |  | 5,813 |  | 6,193 |  | 6,319 |
Taxable equivalent adjustment | (208) |  | (202) |  | (192) |  | (189) |
Net income available to common shareholders | $ | 21,619 |  | $ | 22,751 |  | $ | 22,371 |  | $ | 22,611 |
Net earnings allocated to common shareholders | $ | 21,433 |  | $ | 22,553 |  | $ | 22,188 |  | $ | 22,372 |
Basic earnings per common share | $ | 1.31 |  | $ | 1.38 |  | $ | 1.36 |  | $ | 1.38 |
Diluted earnings per common share | 1.30 |  | 1.38 |  | 1.36 |  | 1.38 |
Average common shares outstanding: |  |  |  |
Basic | 16,411 |  | 16,368 |  | 16,271 |  | 16,207 |
Diluted | 16,429 |  | 16,386 |  | 16,289 |  | 16,230 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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