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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
[1]
Interest Income    
Interest and fees on loans $ 27,062 $ 27,016
Interest on U.S. government and sponsored enterprise obligations 4,256 3,990
Interest on state and political subdivision obligations 702 714
Interest on federal funds sold and other investments 394 261
Total interest income 32,414 31,981
Interest Expense    
Interest on deposits 2,554 2,042
Interest on borrowings 1,161 1,136
Interest on subordinated debentures 844 851
Total interest expense 4,559 4,029
Net interest income 27,855 27,952
Provision for credit losses 579 872 [2]
Net interest income after provision for credit losses 27,276 27,080
Non-Interest Income    
Debit card income 1,834 1,902
Service charges on deposit accounts 1,823 1,724
Mortgage banking income, net 1,553 808
Income from fiduciary services 1,247 1,169
Bank-owned life insurance 577 422
Other service charges and fees 468 426
Brokerage and insurance commissions 453 458
Other income 617 1,008
Total non-interest income 8,572 7,917
Non-Interest Expense    
Salaries and employee benefits 12,147 11,591
Furniture, equipment and data processing 2,325 2,427
Net occupancy costs 1,946 1,877
Consulting and professional fees 845 885
Debit card expense 660 720
Regulatory assessments 545 721
Amortization of intangible assets 472 476 [2]
Merger and acquisition costs 0 644
Other real estate owned and collection (recoveries) costs, net (44) 656
Other expenses 2,532 2,912
Total non-interest expense 21,428 22,909
Income before income tax expense 14,420 12,088
Income tax expense 4,344 3,442
Net Income $ 10,076 $ 8,646 [2],[3],[4]
Per Share Data    
Basic earnings per share (in dollars per share) [3],[5] $ 0.65 $ 0.56 [4]
Diluted earnings per share (in dollars per share) [3],[5] $ 0.64 $ 0.56 [4]
Weighted average number of common shares outstanding (in shares) 15,488,848 15,389,990 [4]
Diluted weighted average number of common shares outstanding (in shares) 15,568,639 15,459,585 [4]
[1] (1)The consolidated statement of income for the three months ended March 31, 2016 has been adjusted to reflect the adoption of Accounting Standards Updates No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") in the second quarter of 2016 effective as of January 1, 2016.
[2] (1)The consolidated statement of cash flows for the three months ended March 31, 2016 has been adjusted to reflect the adoption of ASU 2016-09 in the second quarter of 2016 effective as of January 1, 2016.
[3] (1) The financial information for the three months ended March 31, 2016 has been adjusted to reflect the adoption of ASU 2016-09.
[4] (5) Share and per share amounts for the three months ended March 31, 2016 have been adjusted to reflect the three-for-two stock split effective September 30, 2016.
[5] Represents dividends paid and undistributed earnings allocated to nonvested stock-based awards that contain non-forfeitable rights to dividends.