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 Q1 YTD 3/31/2019 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 Q1 YTD 3/31/2019 USD

Interest and dividend income

Residential and commercial real estate loans 23,769 32,562 53,733 57,647 14,971
Commercial and industrial loans 6,594 7,431 11,587 12,801 3,002
Consumer loans 158 205 344 347 85
Debt securities, taxable 10,777 7,387 7,333 6,920 1,629
Debt securities, tax-exempt 602 168 104 85 20
Equity securities 162 180 140 152 41
Other investments 396 550 678 863 236
Short-term investments 18 115 120 175 76
Total interest and dividend income 42,476 48,598 74,039 78,990 20,060

Interest expense

Deposits 5,571 6,581 8,448 11,683 3,969
Long-term debt 4,133 2,266 2,261 4,380 1,139
Short-term borrowings 1,090 2,438 3,936 2,915 626
Total interest expense 10,794 11,285 14,645 18,978 5,734
Net interest and dividend income 31,682 37,313 59,394 60,012 14,326
Provision for loan losses 1,275 575 1,360 1,900 50
Net interest and dividend income after provision for loan losses 30,407 36,738 58,034 58,112 14,276

Non-interest income (loss)

Service charges and fees 3,132 4,181 6,389 6,937 1,633
Income from BOLI 1,527 1,558 1,824 1,825 425
Loss on prepayment of borrowings (1,300) (915) 0 0 NA
Gain on bank-owned life insurance death benefit NA 0 0 715 NA
Gain (loss) on available-for-sale securities, net 1,506 1,139 52 (281) 35
Unrealized gains (losses) on marketable equity securities NA 0 0 (142) 70
Gain on sale of other real estate owned NA 0 9 48 0
Other income 0 8 227 131 8
Total non-interest income 4,865 5,971 8,501 9,233 2,171

Non-interest expense

Salaries and employees benefits 15,146 17,386 25,431 25,982 6,780
Occupancy 2,332 2,587 3,774 3,974 1,171
Furniture and equipment 984 1,084 1,533 1,561 405
Data processing 1,447 1,696 2,372 2,638 665
Professional fees 2,178 2,177 2,559 2,810 705
FDIC insurance assessment 800 716 620 603 176
Merger related expenses 0 4,051 526 0 NA
Advertising 789 910 1,296 1,395 364
Other expenses 3,757 4,699 6,676 7,274 1,757
Total non-interest expense 27,433 35,306 44,787 46,237 12,023
Income before income taxes 7,839 7,403 21,748 21,108 4,424
Income tax provision 2,124 2,569 9,428 4,700 994
Net income 5,715 4,834 12,320 16,408 3,430

Earnings per common share

Basic earnings per share 0.33 0.25 0.41 0.57 0.13
Weighted average shares outstanding 17,497,620 19,707,948 29,858,984 28,886,904 27,037,520
Diluted earnings per share 0.33 0.24 0.41 0.57 0.13
Weighted average diluted shares outstanding 17,497,620 19,803,744 30,026,638 29,029,394 27,153,160

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 5,715 4,834 12,320 16,408 3,430

Other comprehensive income (loss)

Unrealized gains (losses) on available-for-sale securities
Unrealized holding gains (losses) (1,505) (2,381) 557 (4,814) 4,327
Reclassification adjustment for net (gains) losses realized in income (1,506) (1,139) (52) 281 (35)
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
Cumulative-effect adjustment due to change in accounting principle (ASU 2016-01) NA NA NA NA 0
Unrealized gains (losses) (3,538) (1,206) 505 (4,533) 4,299
Tax effect 1,220 413 (22) 938 (1,113)
Net-of-tax amount (2,318) (793) 483 (3,595) 3,186
Cash flow hedges
Change in fair value of derivatives used for cash flow hedges (3,337) (1,126) 31 442 (328)
Reclassification adjustment for loss realized in interest expense 519 619 970 452 68
Reclassification adjustment for termination fee realized in interest expense 223 956 1,068 1,068 264
Unrealized gains on cash flow hedges (2,595) 449 2,069 1,962 4
Tax effect 882 (152) (305) (551) (1)
Net-of-tax amount (1,713) 297 1,764 1,411 3
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 32
Unrecognized actuarial gains (losses) defined benefit plan 799 (1,797) (539) 1,505 NA
Tax effect (271) 610 527 (422) (9)
Net-of-tax amount 528 (1,187) (12) 1,083 23
Other comprehensive income (loss) (3,503) (1,683) 2,235 (1,101) 3,212
Comprehensive income 2,212 3,151 14,555 15,307 6,642
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