Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

Interest and dividend income

Residential and commercial real estate loans 23,769 32,562 53,733 57,647 45,948
Commercial and industrial loans 6,594 7,431 11,587 12,801 9,269
Consumer loans 158 205 344 347 254
Debt securities, taxable 10,777 7,387 7,333 6,920 4,606
Debt securities, tax-exempt 602 168 104 85 55
Equity securities 162 180 140 152 124
Other investments 396 550 678 863 638
Short-term investments 18 115 120 175 185
Total interest and dividend income 42,476 48,598 74,039 78,990 61,079

Interest expense

Deposits 5,571 6,581 8,448 11,683 12,790
Long-term debt 4,133 2,266 2,261 4,380 3,292
Short-term borrowings 1,090 2,438 3,936 2,915 1,942
Total interest expense 10,794 11,285 14,645 18,978 18,024
Net interest and dividend income 31,682 37,313 59,394 60,012 43,055
Provision for loan losses 1,275 575 1,360 1,900 1,675
Net interest and dividend income after provision for loan losses 30,407 36,738 58,034 58,112 41,380

Non-interest income (loss)

Service charges and fees 3,132 4,181 6,389 6,937 5,501
Income from bank-owned life insurance (“BOLI”) 1,527 1,558 1,824 1,825 1,347
Loss on prepayment of borrowings (1,300) (915) 0 0 NA
Bank-owned life insurance death benefit NA 0 0 715 0
Gain (loss) on available-for-sale securities, net 1,506 1,139 52 (281) (12)
Unrealized gain (loss) on marketable equity securities, net NA 0 0 (142) 194
Gain on sale of other real estate owned NA 0 9 48 0
Other income 0 8 227 131 270
Total non-interest income 4,865 5,971 8,501 9,233 7,300

Non-interest expense

Salaries and employees benefits 15,146 17,386 25,431 25,982 20,549
Occupancy 2,332 2,587 3,774 3,974 3,144
Furniture and equipment 984 1,084 1,533 1,561 1,256
Data processing 1,447 1,696 2,372 2,638 2,077
Professional fees 2,178 2,177 2,559 2,810 1,858
FDIC insurance assessment 800 716 620 603 417
Merger related expenses 0 4,051 526 0 NA
Advertising 789 910 1,296 1,395 1,098
Other expenses 3,757 4,699 6,676 7,274 5,504
Total non-interest expense 27,433 35,306 44,787 46,237 35,903
Income before income taxes 7,839 7,403 21,748 21,108 12,777
Income tax provision 2,124 2,569 9,428 4,700 2,864
Net income 5,715 4,834 12,320 16,408 9,913

Earnings per common share

Basic earnings per share 0.33 0.25 0.41 0.57 0.38
Weighted average shares outstanding 17,497,620 19,707,948 29,858,984 28,886,904 26,308,580
Diluted earnings per share 0.33 0.24 0.41 0.57 0.38
Weighted average diluted shares outstanding 17,497,620 19,803,744 30,026,638 29,029,394 26,423,229

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 5,715 4,834 12,320 16,408 9,913

Other comprehensive income (loss)

Unrealized gains (losses) on available-for-sale securities
Unrealized holding gains (losses) (1,505) (2,381) 557 (4,814) 9,133
Reclassification adjustment for net (gains) losses realized in income (1,506) (1,139) (52) 281 12
Amortization of net unrealized loss on held-to-maturity securities (527) 26 0 0 NA
Net unrealized loss upon transfer of held-to-maturity to available for sale 0 2,288 0 0 NA
Unrealized gains (losses) (3,538) (1,206) 505 (4,533) 9,145
Tax effect 1,220 413 (22) 938 (2,330)
Net-of-tax amount (2,318) (793) 483 (3,595) 6,815
Cash flow hedges
Change in fair value of derivatives used for cash flow hedges (3,337) (1,126) 31 442 (1,053)
Reclassification adjustment for loss realized in interest expense 519 619 970 452 257
Reclassification adjustment for termination fee realized in interest expense 223 956 1,068 1,068 799
Unrealized gains on cash flow hedges (2,595) 449 2,069 1,962 3
Tax effect 882 (152) (305) (551) (1)
Net-of-tax amount (1,713) 297 1,764 1,411 2
Defined benefit pension plan
Gains (losses) arising during the period 674 (1,906) (663) 1,328 NA
Amortization of defined benefit plans actuarial loss 125 109 124 177 96
Unrecognized actuarial gains (losses) defined benefit plan 799 (1,797) (539) 1,505 NA
Tax effect (271) 610 527 (422) (28)
Net-of-tax amount 528 (1,187) (12) 1,083 68
Other comprehensive income (loss) (3,503) (1,683) 2,235 (1,101) 6,885
Comprehensive income 2,212 3,151 14,555 15,307 16,798
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