Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 21,953 23,769 32,562 53,733 42,850
Commercial and industrial loans 5,749 6,594 7,431 11,587 9,573
Consumer loans 141 158 205 344 261
Debt securities, taxable 11,880 10,777 7,387 7,333 5,227
Debt securities, tax-exempt 833 602 168 104 64
Equity securities 176 162 180 140 112
Other investments 246 396 550 678 631
Short-term investments 13 18 115 120 83
Total interest and dividend income 40,991 42,476 48,598 74,039 58,801

INTEREST EXPENSE

Deposits 5,177 5,571 6,581 8,448 8,167
Long-term debt 4,326 4,133 2,266 2,261 3,178
Short-term borrowings 420 1,090 2,438 3,936 2,264
Total interest expense 9,923 10,794 11,285 14,645 13,609
Net interest and dividend income 31,068 31,682 37,313 59,394 45,192
PROVISION FOR LOAN LOSSES 1,575 1,275 575 1,360 1,600
Net interest and dividend income after provision for loan losses 29,493 30,407 36,738 58,034 43,592

NON-INTEREST INCOME (LOSS)

Service charges and fees 2,617 3,132 4,181 6,389 5,167
Income from bank-owned life insurance 1,523 1,527 1,558 1,824 1,374
Loss on prepayment of borrowings 0 (1,300) (915) 0 NA
Bank-owned life insurance death benefit NA NA NA NA 715
Gain (loss) on securities, net 320 1,506 1,139 52 (250)
Unrealized losses on marketable equity securities, net NA NA NA NA (190)
Gain on sale of other real estate owned NA NA NA NA 48
Other income 0 0 8 236 131
Total non-interest income 4,460 4,865 5,971 8,501 6,995

NON-INTEREST EXPENSE

Salaries and employee benefits 14,709 15,146 17,386 25,431 19,548
Occupancy 3,076 2,332 2,587 3,774 2,979
Computer operations 2,341 NA NA NA NA
Furniture and equipment NA 984 1,084 1,533 1,149
Data processing NA 1,447 1,696 2,372 1,957
Professional fees 1,936 2,178 2,177 2,559 2,107
FDIC insurance assessment 713 800 716 620 463
Merger related expenses 0 0 4,051 526 0
Advertising NA 789 910 1,296 1,053
Other expenses 3,134 3,757 4,699 6,676 5,288
Total non-interest expense 25,909 27,433 35,306 44,787 34,544
INCOME BEFORE INCOME TAXES 8,044 7,839 7,403 21,748 16,043
INCOME TAX PROVISION 1,882 2,124 2,569 9,428 3,476
NET INCOME 6,162 5,715 4,834 12,320 12,567

EARNINGS PER COMMON SHARE

Basic earnings per share 0.34 0.33 0.25 0.41 0.43
Weighted average shares outstanding 18,183,739 17,497,620 19,707,948 29,858,984 29,100,735
Diluted earnings per share 0.34 0.33 0.24 0.41 0.43
Weighted average diluted shares outstanding 18,183,739 17,497,620 19,803,744 30,026,638 29,242,862

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 6,162 5,715 4,834 12,320 12,567

Other comprehensive income (loss)

Unrealized (losses) gains on securities
Unrealized holding (losses) gains on available-for-sale securities 3,398 (1,505) (2,381) 557 (8,059)
Reclassification adjustment for (gain) loss realized in income (320) (1,506) (1,139) (52) 250
Amortization of net unrealized (gain) loss on held-to-maturity securities (55) (527) 26 0 NA
Net unrealized loss upon transfer of held-to-maturity to available for sale 0 0 2,288 0 NA
Unrealized (losses) gains on securities 3,023 (3,538) (1,206) 505 (7,809)
Tax effect (1,045) 1,220 413 (22) 1,733
Net-of-tax amount 1,978 (2,318) (793) 483 (6,076)
Cash flow hedges
Change in fair value of derivatives used for cash flow hedges (7,684) (3,337) (1,126) 31 1,086
Reclassification adjustment for loss realized in interest expense 190 519 619 970 355
Reclassification adjustment for termination fee realized in interest expense 0 223 956 1,068 799
Unrealized gains on cash flow hedges (7,494) (2,595) 449 2,069 2,240
Tax effect 2,548 882 (152) (305) (629)
Net-of-tax amount (4,946) (1,713) 297 1,764 1,611
Defined benefit pension plan
Gains (losses) arising during the period (2,312) 674 (1,906) (663) NA
Actuarial loss 0 NA NA NA NA
Transition asset (10) NA NA NA NA
Amortization of defined benefit plan actuarial loss (2,322) 125 109 124 170
Net Unrecognized actuarial gains (losses) defined benefit plan NA 799 (1,797) (539) NA
Tax effect 790 (271) 610 527 (48)
Net-of-tax amount (1,532) 528 (1,187) (12) 122
Other comprehensive (loss) income (4,500) (3,503) (1,683) 2,235 (4,343)
Comprehensive income 1,662 2,212 3,151 14,555 8,224
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