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 Q2 YTD 6/30/2018 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 Q2 YTD 6/30/2018 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 21,953 23,769 32,562 53,733 28,342
Commercial and industrial loans 5,749 6,594 7,431 11,587 6,592
Consumer loans 141 158 205 344 173
Debt securities, taxable 11,880 10,777 7,387 7,333 3,518
Debt securities, tax-exempt 833 602 168 104 45
Equity securities 176 162 180 140 74
Other investments - at cost 246 396 550 678 403
Short-term investments 13 18 115 120 49
Total interest and dividend income 40,991 42,476 48,598 74,039 39,196

INTEREST EXPENSE

Deposits 5,177 5,571 6,581 8,448 5,073
Long-term debt 4,326 4,133 2,266 2,261 1,985
Short-term borrowings 420 1,090 2,438 3,936 1,551
Total interest expense 9,923 10,794 11,285 14,645 8,609
Net interest and dividend income 31,068 31,682 37,313 59,394 30,587
PROVISION FOR LOAN LOSSES 1,575 1,275 575 1,360 1,250
Net interest and dividend income after provision for loan losses 29,493 30,407 36,738 58,034 29,337

NON-INTEREST INCOME (LOSS)

Service charges and fees 2,617 3,132 4,181 6,389 3,276
Income from bank-owned life insurance 1,523 1,527 1,558 1,824 926
Loss on prepayment of borrowings 0 (1,300) (915) 0 NA
Bank-owned life insurance death benefit NA NA NA NA 715
(Loss) gain on securities, net 320 1,506 1,139 52 (250)
Unrealized losses on marketable equity securities, net NA NA NA NA (147)
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 4,699

NON-INTEREST EXPENSE

Salaries and employee benefits 14,709 15,146 17,386 25,431 13,097
Occupancy 3,076 2,332 2,587 3,774 2,027
Computer operations 2,341 NA NA NA NA
Furniture and equipment NA 984 1,084 1,533 749
Data processing NA 1,447 1,696 2,372 1,315
Professional fees 1,936 2,178 2,177 2,559 1,340
FDIC insurance assessment 713 800 716 620 305
Merger related expenses 0 0 4,051 526 0
Advertising NA 789 910 1,296 702
Other expenses 3,134 3,757 4,699 6,676 3,437
Total non-interest expense 25,909 27,433 35,306 44,787 22,972
INCOME BEFORE INCOME TAXES 8,044 7,839 7,403 21,748 11,064
INCOME TAX PROVISION 1,882 2,124 2,569 9,428 2,407
NET INCOME 6,162 5,715 4,834 12,320 8,657

EARNINGS PER COMMON SHARE

Basic earnings per share 0.34 0.33 0.25 0.41 0.30
Weighted average shares outstanding 18,183,739 17,497,620 19,707,948 29,858,984 29,259,119
Diluted earnings per share 0.34 0.33 0.24 0.41 0.29
Weighted average diluted shares outstanding 18,183,739 17,497,620 19,803,744 30,026,638 29,398,356

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME -

Net income 6,162 5,715 4,834 12,320 8,657

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 (6,424)
Reclassification adjustment for loss (gain) 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 (6,174)
Tax effect (1,045) 1,220 413 (22) 1,329
Net-of-tax amount 1,978 (2,318) (793) 483 (4,845)
Cash flow hedges
Change in fair value of derivatives used for cash flow hedges (7,684) (3,337) (1,126) 31 918
Reclassification adjustment for loss realized in interest expense 190 519 619 970 273
Reclassification adjustment for termination fee realized in interest expense 0 223 956 1,068 530
Unrealized gains on cash flow hedges (7,494) (2,595) 449 2,069 1,721
Tax effect 2,548 882 (152) (305) (484)
Net-of-tax amount (4,946) (1,713) 297 1,764 1,237
Defined benefit 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) 125 109 124 114
Net Unrecognized actuarial gains (losses) defined benefit plan NA 799 (1,797) (539) NA
Tax effect 790 (271) 610 527 (32)
Net-of-tax amount (1,532) 528 (1,187) (12) 82
Other comprehensive (loss) income (4,500) (3,503) (1,683) 2,235 (3,526)
Comprehensive income 1,662 2,212 3,151 14,555 5,131
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.