Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q2 YTD 6/30/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q2 YTD 6/30/2019 USD

Interest and dividend income

Residential and commercial real estate loans 23,769 32,562 53,733 57,647 30,117
Commercial and industrial loans 6,594 7,431 11,587 12,801 6,074
Consumer loans 158 205 344 347 169
Debt securities, taxable 10,777 7,387 7,333 6,920 3,201
Debt securities, tax-exempt 602 168 104 85 37
Equity securities 162 180 140 152 82
Other investments 396 550 678 863 446
Short-term investments 18 115 120 175 149
Total interest and dividend income 42,476 48,598 74,039 78,990 40,275

Interest expense

Deposits 5,571 6,581 8,448 11,683 8,336
Long-term debt 4,133 2,266 2,261 4,380 2,190
Short-term borrowings 1,090 2,438 3,936 2,915 1,222
Total interest expense 10,794 11,285 14,645 18,978 11,748
Net interest and dividend income 31,682 37,313 59,394 60,012 28,527
Provision for loan losses 1,275 575 1,360 1,900 400
Net interest and dividend income after provision for loan losses 30,407 36,738 58,034 58,112 28,127

Non-interest income (loss)

Service charges and fees 3,132 4,181 6,389 6,937 3,483
Income from BOLI 1,527 1,558 1,824 1,825 903
Loss on prepayment of borrowings (1,300) (915) 0 0 NA
Bank-owned life insurance death benefit NA 0 0 715 0
Loss on available-for-sale securities, net 1,506 1,139 52 (281) (61)
Unrealized gain (loss) on marketable equity securities, net NA 0 0 (142) 149
Gain on sale of other real estate owned NA 0 9 48 0
Other income 0 8 227 131 214
Total non-interest income 4,865 5,971 8,501 9,233 4,688

Non-interest expense

Salaries and employees benefits 15,146 17,386 25,431 25,982 13,656
Occupancy 2,332 2,587 3,774 3,974 2,169
Furniture and equipment 984 1,084 1,533 1,561 832
Data processing 1,447 1,696 2,372 2,638 1,367
Professional fees 2,178 2,177 2,559 2,810 1,312
FDIC insurance assessment 800 716 620 603 412
Merger related expenses 0 4,051 526 0 NA
Advertising 789 910 1,296 1,395 734
Other expenses 3,757 4,699 6,676 7,274 3,681
Total non-interest expense 27,433 35,306 44,787 46,237 24,163
Income before income taxes 7,839 7,403 21,748 21,108 8,652
Income tax provision 2,124 2,569 9,428 4,700 1,965
Net income 5,715 4,834 12,320 16,408 6,687

Earnings per common share

Basic earnings per share 0.33 0.25 0.41 0.57 0.25
Weighted average shares outstanding 17,497,620 19,707,948 29,858,984 28,886,904 26,539,618
Diluted earnings per share 0.33 0.24 0.41 0.57 0.25
Weighted average diluted shares outstanding 17,497,620 19,803,744 30,026,638 29,029,394 26,653,929

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 5,715 4,834 12,320 16,408 6,687

Other comprehensive income (loss)

Unrealized gains (losses) on available-for-sale securities
Unrealized holding gains (losses) (1,505) (2,381) 557 (4,814) 7,687
Reclassification adjustment for net losses realized in income (1,506) (1,139) (52) 281 61
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
Cumulative-effect adjustment due to change in accounting principle (ASU 2017-08) NA NA NA NA 7
Unrealized gains (losses) (3,538) (1,206) 505 (4,533) 7,755
Tax effect 1,220 413 (22) 938 (1,980)
Net-of-tax amount (2,318) (793) 483 (3,595) 5,775
Cash flow hedges
Change in fair value of derivatives used for cash flow hedges (3,337) (1,126) 31 442 (911)
Reclassification adjustment for loss realized in interest expense 519 619 970 452 152
Reclassification adjustment for termination fee realized in interest expense 223 956 1,068 1,068 530
Unrealized gains (losses) on cash flow hedges (2,595) 449 2,069 1,962 (229)
Tax effect 882 (152) (305) (551) 64
Net-of-tax amount (1,713) 297 1,764 1,411 (165)
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 64
Unrecognized actuarial gains (losses) defined benefit plan 799 (1,797) (539) 1,505 NA
Tax effect (271) 610 527 (422) (18)
Net-of-tax amount 528 (1,187) (12) 1,083 46
Other comprehensive income (loss) (3,503) (1,683) 2,235 (1,101) 5,656
Comprehensive income 2,212 3,151 14,555 15,307 12,343
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