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 Q1 YTD 3/31/2018 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 Q1 YTD 3/31/2018 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 21,953 23,769 32,562 53,733 13,799
Commercial and industrial loans 5,749 6,594 7,431 11,587 2,814
Consumer loans 141 158 205 344 89
Debt securities, taxable 11,880 10,777 7,387 7,333 1,748
Debt securities, tax-exempt 833 602 168 104 24
Equity securities 176 162 180 140 36
Other investments 246 396 550 678 201
Federal funds sold, interest-bearing deposits and other short-term investments 13 18 115 120 21
Total interest and dividend income 40,991 42,476 48,598 74,039 18,732

INTEREST EXPENSE

Deposits 5,177 5,571 6,581 8,448 2,355
Long-term debt 4,326 4,133 2,266 2,261 855
Short-term borrowings 420 1,090 2,438 3,936 800
Total interest expense 9,923 10,794 11,285 14,645 4,010
Net interest and dividend income 31,068 31,682 37,313 59,394 14,722
PROVISION FOR LOAN LOSSES 1,575 1,275 575 1,360 500
Net interest and dividend income after provision for loan losses 29,493 30,407 36,738 58,034 14,222

NON-INTEREST INCOME (LOSS)

Service charges and fees 2,617 3,132 4,181 6,389 1,583
Income from bank-owned life insurance 1,523 1,527 1,558 1,824 442
Loss on prepayment of borrowings 0 (1,300) (915) 0 NA
Losses on securities available-for-sale, net 320 1,506 1,139 52 (201)
Unrealized losses on marketable equity securities, net NA NA NA NA (106)
Gain on sale of other real estate owned NA NA NA NA 48
Other income 0 0 8 236 0
Total non-interest income 4,460 4,865 5,971 8,501 1,766

NON-INTEREST EXPENSE

Salaries and employee benefits 14,709 15,146 17,386 25,431 6,533
Occupancy 3,076 2,332 2,587 3,774 1,060
Computer operations 2,341 NA NA NA NA
Furniture and equipment NA 984 1,084 1,533 367
Data processing NA 1,447 1,696 2,372 637
Professional fees 1,936 2,178 2,177 2,559 659
FDIC insurance assessment 713 800 716 620 158
Merger related expenses 0 0 4,051 526 0
Advertising NA 789 910 1,296 347
Other expenses 3,134 3,757 4,699 6,676 1,665
Total non-interest expense 25,909 27,433 35,306 44,787 11,426
INCOME BEFORE INCOME TAXES 8,044 7,839 7,403 21,748 4,562
INCOME TAX PROVISION 1,882 2,124 2,569 9,428 1,043
NET INCOME 6,162 5,715 4,834 12,320 3,519

EARNINGS PER COMMON SHARE

Basic earnings per share 0.34 0.33 0.25 0.41 0.12
Weighted average shares outstanding 18,183,739 17,497,620 19,707,948 29,858,984 29,484,824
Diluted earnings per share 0.34 0.33 0.24 0.41 0.12
Weighted average diluted shares outstanding 18,183,739 17,497,620 19,803,744 30,026,638 29,620,929

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 6,162 5,715 4,834 12,320 3,519

Other comprehensive income (loss)

Unrealized gains (losses) on securities
Unrealized holding (losses) gains on available-for-sale securities 3,398 (1,505) (2,381) 557 (5,116)
Reclassification adjustment for losses realized in income (320) (1,506) (1,139) (52) 201
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
Cumulative-effect adjustment due to change in accounting principle (ASU 2016-01) NA NA NA NA 237
Unrealized (losses) gains on securities 3,023 (3,538) (1,206) 505 (4,678)
Tax effect (1,045) 1,220 413 (22) 1,070
Net-of-tax amount 1,978 (2,318) (793) 483 (3,608)
Cash flow hedges
Change in fair value of derivatives used for cash flow hedges (7,684) (3,337) (1,126) 31 678
Reclassification adjustment for loss realized in interest expense 190 519 619 970 171
Reclassification adjustment for termination fee realized in interest expense 0 223 956 1,068 264
Unrealized gains on cash flow hedges (7,494) (2,595) 449 2,069 1,113
Tax effect 2,548 882 (152) (305) (313)
Net-of-tax amount (4,946) (1,713) 297 1,764 800
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 57
Net Unrecognized actuarial gains (losses) defined benefit plan NA 799 (1,797) (539) NA
Tax effect 790 (271) 610 527 (16)
Net-of-tax amount (1,532) 528 (1,187) (12) 41
Other comprehensive (loss) income (4,500) (3,503) (1,683) 2,235 (2,767)
Comprehensive income 1,662 2,212 3,151 14,555 752
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