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Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
Quarterly Financial Data (Unaudited)
The unaudited results of operations for the quarters for the years ended December 31, 2018 and 2017 were as follows:
(Dollars and shares in thousands)
 
 
 
 
 
 
 
2018 Quarterly Financial Data:
Fourth
 
Third
 
Second
 
First
Interest income
$
51,239

 
$
49,255

 
$
46,460

 
$
43,534

Interest expense
9,862

 
8,832

 
7,470

 
6,262

Net interest income
41,377

 
40,423

 
38,990

 
37,272

Provision for loan and lease losses
103

 
2,745

 
15,409

 
2,053

Net interest income after provision for loan and lease losses
41,274

 
37,678

 
23,581

 
35,219

Noninterest income
14,416

 
14,861

 
15,314

 
15,582

Noninterest expense
33,396

 
34,371

 
34,347

 
35,125

Income before income taxes
22,294

 
18,168

 
4,548

 
15,676

Income taxes
3,922

 
3,204

 
191

 
2,826

Net income
$
18,372

 
$
14,964

 
$
4,357

 
$
12,850

 
 
 
 
 
 
 
 
Per share data:
 
 
 
 
 
 
 
Weighted average shares outstanding - basic earnings per share
29,161

 
29,232

 
29,176

 
29,140

Weighted average shares outstanding - diluted earnings per share
29,220

 
29,318

 
29,271

 
29,234


 
 
 
 
 
 
 
Basic earnings per share
$
0.63

 
$
0.51

 
$
0.15

 
$
0.44

Diluted earnings per share
$
0.63

 
$
0.51

 
$
0.15

 
$
0.44

Dividends per share
$
0.20

 
$
0.20

 
$
0.20

 
$
0.20


The financial results for the fourth quarter of 2018 included a loan recovery of $1.8 million (after-tax recovery of $1.5 million) which represented $0.05 diluted earnings per share. This recovery related to a loan the Corporation previously charged-off in the amount of $12.7 million (after-tax charge of $10.1 million), or $0.34 diluted earnings per share, in the second quarter of 2018.
2017 Quarterly Financial Data:
Fourth
 
Third
 
Second
 
First
Interest income
$
42,417

 
$
42,172

 
$
40,030

 
$
38,396

Interest expense
5,711

 
5,285

 
4,730

 
4,113

Net interest income
36,706

 
36,887

 
35,300

 
34,283

Provision for loan and lease losses
1,992

 
2,689

 
2,766

 
2,445

Net interest income after provision for loan and lease losses
34,714

 
34,198

 
32,534

 
31,838

Noninterest income
14,152

 
14,109

 
16,009

 
14,970

Noninterest expense
33,440

 
32,695

 
32,548

 
32,030

Income before income taxes
15,426

 
15,612

 
15,995

 
14,778

Income taxes
5,162

 
4,416

 
4,217

 
3,922

Net income
$
10,264

 
$
11,196

 
$
11,778

 
$
10,856

 
 
 
 
 
 
 
 
Per share data:
 
 
 
 
 
 
 
Weighted average shares outstanding - basic earnings per share
27,254

 
26,437

 
26,380

 
26,345

Weighted average shares outstanding - diluted earnings per share
27,356

 
26,542

 
26,477

 
26,448

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.37

 
$
0.42

 
$
0.44

 
$
0.41

Diluted earnings per share
$
0.37

 
$
0.42

 
$
0.44

 
$
0.41

Dividends per share
$
0.20

 
$
0.20

 
$
0.20

 
$
0.20


The financial results for the fourth quarter of 2017 included a revaluation of the Corporation's net deferred tax asset associated with the passage of the TCJA. The revaluation, which was recorded as additional income tax expense, was $1.1 million, or $0.04 diluted earnings per share.