Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 20,204 21,953 23,769 32,562
Commercial and industrial loans 5,064 5,749 6,594 7,431
Consumer loans 140 141 158 205
Debt securities, taxable 14,302 11,880 10,777 7,387
Debt securities, tax-exempt 1,067 833 602 168
Equity securities 152 176 162 180
Other investments 93 246 396 550
Federal funds sold, interest-bearing deposits and other short-term investments 9 13 18 115
Total interest and dividend income 41,031 40,991 42,476 48,598

INTEREST EXPENSE

Deposits 5,525 5,177 5,571 6,581
Long-term debt 4,591 4,326 4,133 2,266
Short-term borrowings 174 420 1,090 2,438
Total interest expense 10,290 9,923 10,794 11,285
Net interest and dividend income 30,741 31,068 31,682 37,313
PROVISION FOR LOAN LOSSES (256) 1,575 1,275 575
Net interest and dividend income after provision for loan losses 30,997 29,493 30,407 36,738

NONINTEREST INCOME (LOSS)

Service charges and fees 2,404 2,617 3,132 4,181
Income from bank-owned life insurance 1,549 1,523 1,527 1,558
Gain on bank-owned life insurance death benefit 563 NA NA NA
Loss on prepayment of borrowings (3,370) 0 (1,300) (915)
Gain on sales of securities, net 3,126 320 1,506 1,139
Other income 3,236 0 0 8
Total noninterest income 4,272 4,460 4,865 5,971

NONINTEREST EXPENSE

Salaries and employees benefits 15,458 14,709 15,410 17,643
Occupancy 2,898 3,076 3,239 3,617
Computer operations 2,340 2,341 2,361 2,845
Professional fees 2,033 1,936 2,178 2,177
FDIC insurance assessment 655 713 800 716
Merger related expenses NA 0 0 4,051
Other expenses 22 3,134 3,445 4,257
Total noninterest expense 26,642 25,909 27,433 35,306
INCOME BEFORE INCOME TAXES 8,627 8,044 7,839 7,403
INCOME TAX PROVISION 1,871 1,882 2,124 2,569
NET INCOME 6,756 6,162 5,715 4,834

EARNINGS PER COMMON SHARE

Basic earnings per share 0.34 0.34 0.33 0.25
Weighted average shares outstanding 20,079,251 18,183,739 17,497,620 19,707,948
Diluted earnings per share 0.34 0.34 0.33 0.24
Weighted average diluted shares outstanding 20,079,265 18,183,739 17,497,620 19,803,744

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 6,756 6,162 5,715 4,834

Other comprehensive income (loss)

Securities available for sale
Unrealized holding (losses) gains (20,970) 3,398 (1,505) (2,381)
Reclassification adjustment for net gains realized in income (3,126) (320) (1,506) (1,139)
Amortization of net unrealized (gain) loss on held-to-maturity securities (234) (55) (527) 26
Amortization of net unrealized loss upon transfer of held-to-maturity to available for sale NA 0 0 2,288
Net unrealized (losses) gains (24,330) 3,023 (3,538) (1,206)
Tax effect 8,371 (1,045) 1,220 413
Net-of-tax amount (15,959) 1,978 (2,318) (793)
Derivative instruments
Change in fair value of derivatives used for cash flow hedges 1,755 (7,684) (3,337) (1,126)
Reclassification adjustment for loss realized in interest expense 0 190 519 619
Reclassification adjustment for termination fee realized in interest expense 0 0 223 956
Net adjustments pertaining to derivative instruments 1,755 (7,494) (2,595) 449
Tax effect (597) 2,548 882 (152)
Net-of-tax amount 1,158 (4,946) (1,713) 297
Defined benefit pension plans
Gains (losses) arising during the period 1,608 (2,312) 674 (1,906)
Reclassification adjustments
Actuarial loss 117 0 125 109
Transition asset (11) (10) 0 0
Net adjustments pertaining to defined benefit plans 1,714 (2,322) 799 (1,797)
Tax effect (583) 790 (271) 610
Net-of-tax amount 1,131 (1,532) 528 (1,187)
Other comprehensive loss (13,670) (4,500) (3,503) (1,683)
Comprehensive income (6,914) 1,662 2,212 3,151
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.