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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest Income        
Interest and fees on loans $ 28,423 $ 27,706 $ 55,485 $ 54,722
Interest on U.S. government and sponsored enterprise obligations 4,355 4,016 8,611 8,006
Interest on state and political subdivision obligations 691 711 1,393 1,425
Interest on federal funds sold and other investments 471 342 865 603
Total interest income 33,940 32,775 66,354 64,756
Interest Expense        
Interest on deposits 2,987 2,109 5,541 4,151
Interest on borrowings 1,476 1,313 2,637 2,449
Interest on subordinated debentures 851 849 1,695 1,700
Total interest expense 5,314 4,271 9,873 8,300
Net interest income 28,626 28,504 56,481 56,456
Provision for credit losses 1,401 2,852 1,980 3,724
Net interest income after provision for credit losses 27,225 25,652 54,501 52,732
Non-Interest Income        
Debit card income 1,992 1,854 3,826 3,756
Service charges on deposit accounts 1,957 1,833 3,780 3,557
Mortgage banking income, net 1,937 1,706 3,490 2,514
Income from fiduciary services 1,355 1,342 2,602 2,511
Bank-owned life insurance 570 892 1,147 1,314
Brokerage and insurance commissions 548 517 1,001 975
Other service charges and fees 501 477 969 903
Net gain on sale of securities 0 4 0 4
Other income 1,028 1,927 1,645 2,935
Total non-interest income 9,888 10,552 18,460 18,469
Non-Interest Expense        
Salaries and employee benefits 12,376 11,999 24,523 23,590
Furniture, equipment and data processing 2,450 2,381 4,775 4,808
Net occupancy costs 1,689 1,790 3,635 3,667
Consulting and professional fees 853 982 1,698 1,867
Debit card expense 712 718 1,372 1,438
Regulatory assessments 488 774 1,033 1,495
Amortization of intangible assets 472 476 944 952
Other real estate owned and collection costs, net 344 496 300 1,152
Merger and acquisition costs 0 177 0 821
Other expenses 2,774 2,537 5,306 5,449
Total non-interest expense 22,158 22,330 43,586 45,239
Income before income tax expense 14,955 13,874 29,375 25,962
Income tax expense 4,721 4,258 9,065 7,700
Net Income $ 10,234 $ 9,616 [1] $ 20,310 $ 18,262
Per Share Data        
Basic earnings per share (in dollars per share) $ 0.66 [2] $ 0.62 [1],[2] $ 1.31 $ 1.18
Diluted earnings per share (in dollars per share) $ 0.66 [2] $ 0.62 [1],[2] $ 1.30 $ 1.18
Weighted average number of common shares outstanding (in shares) 15,512,761 15,415,308 [1] 15,500,862 15,402,629
Diluted weighted average number of common shares outstanding (in shares) 15,586,571 15,491,010 [1] 15,576,711 15,472,798
[1] Share and per share amounts for the three and six months ended June 30, 2016 have been adjusted to reflect the three-for-two stock split effective September 30, 2016.
[2] Represents dividends paid and undistributed earnings allocated to nonvested stock-based awards that contain non-forfeitable rights to dividends.