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 Q3 YTD 9/30/2017 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 Q3 YTD 9/30/2017 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 20,204 21,953 23,769 32,562 40,042
Commercial and industrial loans 5,064 5,749 6,594 7,431 8,180
Consumer loans 140 141 158 205 260
Debt securities, taxable 14,302 11,880 10,777 7,387 5,529
Debt securities, tax-exempt 1,067 833 602 168 81
Equity securities 152 176 162 180 105
Other investments 93 246 396 550 501
Federal funds sold, interest-bearing deposits and other short-term investments 9 13 18 115 103
Total interest and dividend income 41,031 40,991 42,476 48,598 54,801

INTEREST EXPENSE

Deposits 5,525 5,177 5,571 6,581 6,180
Long-term debt 4,591 4,326 4,133 2,266 1,633
Short-term borrowings 174 420 1,090 2,438 2,946
Total interest expense 10,290 9,923 10,794 11,285 10,759
Net interest and dividend income 30,741 31,068 31,682 37,313 44,042
PROVISION FOR LOAN LOSSES (256) 1,575 1,275 575 850
Net interest and dividend income after provision for loan losses 30,997 29,493 30,407 36,738 43,192

NON-INTEREST INCOME (LOSS)

Service charges and fees 2,404 2,617 3,132 4,181 4,789
Income from bank-owned life insurance 1,549 1,523 1,527 1,558 1,369
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 on sales of securities, net 3,126 320 1,506 1,139 52
Gain on sale of OREO NA NA NA NA 67
Other income 3,236 0 0 8 227
Total non-interest income 4,272 4,460 4,865 5,971 6,504

NON-INTEREST EXPENSE

Salaries and employee benefits 15,458 14,709 15,410 17,643 18,954
Occupancy 2,898 3,076 3,239 3,617 2,815
Computer operations 2,340 2,341 2,361 2,845 NA
Furniture and equipment NA NA NA NA 1,149
Data processing NA NA NA NA 1,740
Professional fees 2,033 1,936 2,178 2,177 1,919
FDIC insurance assessment 655 713 800 716 466
Merger related expenses NA 0 0 4,051 626
Advertising NA NA NA NA 961
Other 22 3,134 3,445 4,257 4,792
Total non-interest expense 26,642 25,909 27,433 35,306 33,422
INCOME BEFORE INCOME TAXES 8,627 8,044 7,839 7,403 16,274
INCOME TAX PROVISION 1,871 1,882 2,124 2,569 3,600
NET INCOME 6,756 6,162 5,715 4,834 12,674

EARNINGS PER COMMON SHARE

Basic earnings per share 0.34 0.34 0.33 0.25 0.42
Weighted average shares outstanding 20,079,251 18,183,739 17,497,620 19,707,948 29,895,621
Diluted earnings per share 0.34 0.34 0.33 0.24 0.42
Weighted average diluted shares outstanding 20,079,265 18,183,739 17,497,620 19,803,744 30,074,361

COMPREHENSIVE INCOME

Net income 6,756 6,162 5,715 4,834 12,674

Other comprehensive income (loss)

Unrealized gains (losses) on securities
Unrealized holding gains (losses) on available for sale securities (20,970) 3,398 (1,505) (2,381) 2,133
Reclassification adjustment for gains realized in income (3,126) (320) (1,506) (1,139) (52)
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 (losses) (24,330) 3,023 (3,538) (1,206) 2,081
Tax effect 8,371 (1,045) 1,220 413 (627)
Net-of-tax amount (15,959) 1,978 (2,318) (793) 1,454
Derivative instruments
Change in fair value of derivatives used for cash flow hedges 1,755 (7,684) (3,337) (1,126) (307)
Reclassification adjustment for loss realized in interest expense 0 190 519 619 751
Reclassification adjustment for termination fee realized in interest expense 0 0 223 956 799
Net adjustments relating to derivative instruments 1,755 (7,494) (2,595) 449 1,243
Tax effect (597) 2,548 882 (152) 32
Net-of-tax amount 1,158 (4,946) (1,713) 297 1,275
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) 153
Tax effect (583) 790 (271) 610 312
Net-of-tax amount 1,131 (1,532) 528 (1,187) 465
Other comprehensive income (13,670) (4,500) (3,503) (1,683) 3,194
Comprehensive income (6,914) 1,662 2,212 3,151 15,868
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.