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As-Reported Financials

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD

Interest Income

Interest and fees on loans 176,129 171,196 172,819 185,344 160,548

Interest and dividends on investments

Taxable interest 29,916 28,767 26,807 27,919 21,577
Interest exempt from federal income taxes 4 311 997 1,498 1,212
Dividends 302 1,895 3,434 2,826 1,276
Interest on bank deposits 7 12 14 27 97
Total interest income 206,358 202,181 204,071 217,614 184,710

Interest Expense

Interest on deposits 15,596 12,453 7,474 7,523 6,511
Interest on short-term borrowings 1,262 2,449 5,018 8,076 6,373
Interest on subordinated debentures 3,128 2,292 2,329 2,635 2,215
Interest on other long-term debt 1,721 1,307 774 345 245
Interest on lease obligations NA NA NA NA 156
Total interest expense 21,707 18,501 15,595 18,579 15,500
Net Interest Income 184,651 183,680 188,476 199,035 169,210
Provision for credit losses 19,227 11,196 14,948 18,480 2,834
Net Interest Income after Provision for Credit Losses 165,424 172,484 173,528 180,555 166,376

Noninterest Income

Net securities gains (1,158) 550 (153) 617 695
Trust income 6,166 6,000 5,834 5,366 5,275
Service charges on deposit accounts 15,652 15,661 15,319 15,869 13,858
Insurance and retail brokerage commissions 6,005 6,483 8,522 7,964 6,652
Income from bank owned life insurance 5,539 5,502 5,412 5,381 4,213
Gain on sale of mortgage loans 624 440 2,421 4,086 3,710
Gain on sale of other loans and assets 1,529 4,556 1,855 1,411 1,267
Card-related interchange income 13,746 14,222 14,501 14,955 13,873
Derivatives mark to market NA (345) (274) 219 (49)
Swap fee income NA 511 847 2,359 458
Other income 12,060 7,279 7,041 6,372 5,674
Total noninterest income 60,163 60,859 61,325 64,599 55,626

Noninterest Expense

Salaries and employee benefits 86,012 87,223 89,161 87,125 74,933
Net occupancy expense 13,607 13,119 13,712 13,150 11,597
Furniture and equipment expense 15,118 17,812 10,737 11,624 9,753
Data processing expense 6,009 6,124 6,123 7,429 6,659
Advertising and promotion expense 3,129 2,953 2,638 2,601 2,735
Pennsylvania shares tax expense 5,638 3,776 4,693 3,825 3,070
Intangible amortization 1,064 631 605 547 2,262
Collection and repossession expense 3,836 2,754 2,826 2,250 1,342
Other professional fees and services 3,731 3,986 4,034 3,915 3,355
FDIC insurance 4,366 4,054 4,014 3,903 2,466
Loss on sale or write-down of assets 1,054 1,595 3,112 1,155 1,486
Litigation and operational losses 1,115 6,786 2,119 1,420 1,107
Loss on early redemption of subordinated debt 1,629 NA NA NA NA
Conversion related 2,588 1,788 0 0 NA
Merger and acquisition related 0 0 922 3,173 10,412
Other operating expenses 19,928 18,609 19,178 17,808 17,212
Total noninterest expense 168,824 171,210 163,874 159,925 148,389
Income Before Income Taxes 56,763 62,133 70,979 85,229 73,613
Income tax provision 15,281 17,680 20,836 25,639 22,429
Net Income 41,482 44,453 50,143 59,590 51,184
Average Shares Outstanding 97,028,157 93,114,654 89,356,767 88,851,573 94,536,472
Average Shares Outstanding Assuming Dilution 97,029,832 93,114,654 89,356,767 88,851,573 94,578,490

Per Share Data

Basic Earnings per Share 0.43 0.48 0.56 0.67 0.54
Diluted Earnings per Share 0.43 0.48 0.56 0.67 0.54
Cash Dividends Declared per Common Share 0.23 0.28 0.28 0.28 0.24

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net Income 41,482 44,453 50,143 59,590 51,184

Other comprehensive income (loss), before tax (expense) benefit

Unrealized holding gains (losses) on securities arising during the period (34,975) 25,153 2,798 (6,304) 5,935
Less - reclassification adjustment for gains on securities included in net income 1,158 (550) 153 (617) (695)
Unrealized holding (losses) gains on derivatives arising during the period 0 472 450 (479) (631)
Less - reclassification adjustment for losses (gains) on derivatives included in net income 0 (10) (49) (70) 93
Total other comprehensive income (loss), before tax (expense) benefit (33,598) 24,752 3,250 (7,139) 4,702
Income tax (expense) benefit related to items of other comprehensive income (loss) (11,751) 8,663 1,137 (2,498) (1,646)
Total other comprehensive income (loss) NA NA NA NA 3,056

Unrealized gains (losses) for postretirement obligation

Transition obligation 0 0 0 0 NA
Net gain (loss) 219 (313) (102) 331 NA
Comprehensive Income 19,635 60,542 52,256 54,949 54,240
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.