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As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q2 YTD 6/30/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q2 YTD 6/30/2019 USD

Interest income

Interest and fees on loans 83,575 92,296 106,282 130,703 74,273
Interest and dividends on investment securities 21,875 22,917 23,755 21,601 9,698
Other interest income 0 18 73 428 191
Total interest income 105,450 115,231 130,110 152,732 84,162

Interest expense

Deposits 7,306 8,458 11,093 19,055 14,177
Short-term borrowings 1,081 1,612 3,931 8,342 4,494
Long-term borrowings 1,750 2,471 2,471 2,471 1,235
Total interest expense 10,137 12,541 17,495 29,868 19,906
Net interest income 95,313 102,690 112,615 122,864 64,256
Provision for loan losses 7,381 9,638 13,361 8,934 3,547
Net interest income after provision for loan losses 87,932 93,052 99,254 113,930 60,709

Noninterest income

Service charges on deposits 7,742 7,280 7,391 7,120 3,436
Insurance income 5,166 5,396 5,266 4,930 2,250
ATM and debit card 5,084 5,687 5,721 6,152 3,182
Investment advisory 2,193 5,208 6,104 8,123 4,543
Company owned life insurance 1,962 2,808 1,781 1,793 834
Investments in limited partnerships 895 300 110 1,203 376
Loan servicing 503 436 439 441 214
Income (loss) from derivative instruments, net NA 0 131 972 123
Net gain on sale of loans held for sale 249 240 376 796 589
Net gain on investment securities 1,988 2,695 1,260 (127) 113
Net gain on other assets 27 313 37 50 58
Amortization of tax credit investment (390) NA NA NA NA
Contingent consideration liability adjustment 1,093 1,170 1,200 0 NA
Other 3,825 4,227 4,914 5,025 2,635
Total noninterest income 30,337 35,760 34,730 36,478 18,353

Noninterest expense

Salaries and employee benefits 42,439 45,215 48,675 54,643 27,250
Occupancy and equipment 13,856 14,529 16,293 17,338 8,912
Professional services 3,681 5,782 4,083 3,912 2,090
Computer and data processing 4,267 4,451 4,935 5,122 2,573
Supplies and postage 2,155 2,047 2,003 2,032 1,032
FDIC assessments 1,719 1,735 1,817 1,975 998
Advertising and promotions 1,986 2,097 2,171 3,582 1,606
Amortization of intangibles 942 1,249 1,170 1,257 639
Goodwill impairment 751 0 1,575 2,350 NA
Other 7,597 7,566 7,791 8,665 5,074
Total noninterest expense 79,393 84,671 90,513 100,876 50,174
Income before income taxes 38,876 44,141 43,471 49,532 28,888
Income tax expense 10,539 12,210 9,945 10,006 5,966
Net income 28,337 31,931 33,526 39,526 22,922
Preferred stock dividends 1,462 1,462 1,462 1,461 731
Net income available to common shareholders 26,875 30,469 32,064 38,065 22,191

Earnings per common share

Basic 1.91 2.11 2.13 2.39 1.39
Diluted 1.90 2.10 2.13 2.39 1.39
Cash dividends declared per common share 0.80 0.81 0.85 0.96 0.50

Weighted average common shares outstanding

Basic 14,081 14,436 15,044 15,910 NA
Diluted 14,135 14,491 15,085 15,956 NA

Consolidated Statements of Comprehensive Income

Net income 28,337 31,931 33,526 39,526 22,922

Other comprehensive income (loss), net of tax

Securities available for sale and transferred securities (2,321) (3,033) 454 (4,494) 10,742
Hedging derivative instruments NA 0 0 (276) (360)
Pension and post-retirement obligations 5 409 1,581 (4,595) 522
Total other comprehensive income (loss), net of tax (2,316) (2,624) 2,035 (9,365) 10,904
Comprehensive income 26,021 29,307 35,561 30,161 33,826
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