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 2017 Q1 YTD 3/31/2017 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 2017 Q1 YTD 3/31/2017 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 20,204 21,953 23,769 32,562 13,162
Commercial and industrial loans 5,064 5,749 6,594 7,431 2,575
Consumer loans 140 141 158 205 89
Debt securities, taxable 14,302 11,880 10,777 7,387 1,830
Debt securities, tax-exempt 1,067 833 602 168 31
Equity securities 152 176 162 180 35
Other investments 93 246 396 550 163
Federal funds sold, interest-bearing deposits and other short-term investments 9 13 18 115 72
Total interest and dividend income 41,031 40,991 42,476 48,598 17,957

INTEREST EXPENSE

Deposits 5,525 5,177 5,571 6,581 2,009
Long-term debt 4,591 4,326 4,133 2,266 551
Short-term borrowings 174 420 1,090 2,438 894
Total interest expense 10,290 9,923 10,794 11,285 3,454
Net interest and dividend income 30,741 31,068 31,682 37,313 14,503
PROVISION (CREDIT) FOR LOAN LOSSES (256) 1,575 1,275 575 300
Net interest and dividend income after provision (credit) for loan losses 30,997 29,493 30,407 36,738 14,203

NONINTEREST INCOME (LOSS)

Service charges and fees 2,404 2,617 3,132 4,181 1,526
Income from bank-owned life insurance 1,549 1,523 1,527 1,558 439
Gain on bank-owned life insurance death benefit 563 NA NA NA NA
Loss on prepayment of borrowings (3,370) 0 (1,300) (915) 0
Gain (loss) on sales of securities, net 3,126 320 1,506 1,139 (64)
Other income 3,236 0 0 8 127
Total noninterest income 4,272 4,460 4,865 5,971 2,028

NONINTEREST EXPENSE

Salaries and employee benefits 15,458 14,709 15,410 17,643 6,297
Occupancy 2,898 3,076 3,239 3,617 1,277
Computer operations 2,340 2,341 2,361 2,845 759
Professional fees 2,033 1,936 2,178 2,177 596
FDIC insurance assessment 655 713 800 716 117
Merger related expenses NA 0 0 4,051 410
Other expenses 22 3,134 3,445 4,257 1,525
Total noninterest expense 26,642 25,909 27,433 35,306 10,981
INCOME BEFORE INCOME TAXES 8,627 8,044 7,839 7,403 5,250
INCOME TAX PROVISION 1,871 1,882 2,124 2,569 147
NET INCOME 6,756 6,162 5,715 4,834 5,103

EARNINGS PER COMMON SHARE

Basic earnings per share 0.34 0.34 0.33 0.25 0.17
Weighted average shares outstanding 20,079,251 18,183,739 17,497,620 19,707,948 29,597,694
Diluted earnings per share 0.34 0.34 0.33 0.24 0.17
Weighted average diluted shares outstanding 20,079,265 18,183,739 17,497,620 19,803,744 29,878,421

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 6,756 6,162 5,715 4,834 5,103

Other comprehensive income (loss)

Unrealized gains (losses) on securities
Unrealized holding gains on available-for-sale securities (20,970) 3,398 (1,505) (2,381) 426
Reclassification adjustment for losses (gains) realized in income (3,126) (320) (1,506) (1,139) 64
Amortization of net unrealized loss on held-to-maturity securities (234) (55) (527) 26 0
Net unrealized loss upon transfer of held-to-maturity to available-for-sale NA 0 0 2,288 0
Net unrealized gains (24,330) 3,023 (3,538) (1,206) 490
Tax effect 8,371 (1,045) 1,220 413 (46)
Net-of-tax amount (15,959) 1,978 (2,318) (793) 444
Derivative instruments
Change in fair value of derivatives used for cash flow hedges 1,755 (7,684) (3,337) (1,126) 53
Reclassification adjustment for loss realized in interest expense 0 190 519 619 274
Reclassification adjustment for termination fee realized in interest expense 0 0 223 956 264
Net adjustments relating to derivative instruments 1,755 (7,494) (2,595) 449 591
Tax effect (597) 2,548 882 (152) 232
Net-of-tax amount 1,158 (4,946) (1,713) 297 823
Defined benefit pension plans
Gains (losses) arising during the period 1,608 (2,312) 674 (1,906) NA
Actuarial loss 117 0 125 109 NA
Transition asset (11) (10) 0 0 NA
Amortization of defined benefit plans actuarial loss 1,714 (2,322) 799 (1,797) 51
Tax effect (583) 790 (271) 610 305
Net-of-tax amount 1,131 (1,532) 528 (1,187) 356
Other comprehensive income (13,670) (4,500) (3,503) (1,683) 1,623
Comprehensive income (6,914) 1,662 2,212 3,151 6,726
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.