Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD
Source Document Currency Code 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 20,449 20,204 21,953 23,769 20,803
Commercial and industrial loans 4,994 5,064 5,749 6,594 5,098
Consumer loans 160 140 141 158 126
Debt securities, taxable 15,621 14,302 11,880 10,777 5,723
Debt securities, tax-exempt 1,592 1,067 833 602 136
Equity securities 186 152 176 162 140
Other investments - at cost 94 93 246 396 398
Federal funds sold, interest-bearing deposits and other short-term investments 8 9 13 18 67
Total interest and dividend income 43,104 41,031 40,991 42,476 32,491

INTEREST EXPENSE

Deposits 6,142 5,525 5,177 5,571 4,589
Long-term debt 6,406 4,591 4,326 4,133 1,749
Short-term borrowings 115 174 420 1,090 1,580
Total interest expense 12,663 10,290 9,923 10,794 7,918
Net interest and dividend income 30,441 30,741 31,068 31,682 24,573
PROVISION FOR LOAN LOSSES 698 (256) 1,575 1,275 400
Net interest and dividend income after provision for loan losses 29,743 30,997 29,493 30,407 24,173

NONINTEREST INCOME (LOSS)

Service charges and fees 2,581 2,404 2,617 3,132 2,696
Income from bank-owned life insurance 1,439 1,549 1,523 1,527 1,133
Gain on bank-owned life insurance death benefit 80 563 0 0 NA
Loss on prepayment of borrowings (1,017) (3,370) 0 (1,300) (915)
Gain on sales of securities, net 2,907 3,126 320 1,506 684
Total noninterest income 5,990 4,272 4,460 4,865 3,598

NONINTEREST EXPENSE

Salaries and employee benefits 16,530 15,458 14,709 15,410 11,895
Occupancy 2,775 2,898 3,076 3,239 2,401
Computer operations 2,106 2,340 2,341 2,361 1,916
Professional fees 1,872 2,033 1,936 2,178 1,715
OREO expense 237 22 0 0 NA
FDIC insurance assessment 611 655 713 800 594
Merger related expenses NA NA NA NA 1,913
Other 3,092 3,236 3,134 3,445 2,861
Total noninterest expense 27,223 26,642 25,909 27,433 23,295
INCOME BEFORE INCOME TAXES 8,510 8,627 8,044 7,839 4,476
INCOME TAX PROVISION 2,256 1,871 1,882 2,124 1,495
NET INCOME 6,254 6,756 6,162 5,715 2,981

EARNINGS PER COMMON SHARE

Basic earnings per share 0.26 0.34 0.34 0.33 0.17
Weighted average shares outstanding 24,501,951 20,079,251 18,183,739 17,497,620 17,340,101
Diluted earnings per share 0.26 0.34 0.34 0.33 0.17
Weighted average diluted shares outstanding 24,519,515 20,079,265 18,183,739 17,497,620 17,340,101

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 6,254 6,756 6,162 5,715 2,981

Other comprehensive income (loss)

Unrealized gains (loss) on securities
Unrealized holding gains (loss) on available for sale securities 7,371 (20,970) 3,398 (1,505) 5,820
Reclassification adjustment for gains realized in income (2,907) (3,126) (320) (1,506) (684)
Amortization of net unrealized (gain) loss on held-to-maturity securities 0 (234) (55) (527) 26
Amortization of net unrealized loss upon transfer of held-to-maturity to available-for-sale NA NA NA NA 2,288
Net unrealized gains (losses) 4,464 (24,330) 3,023 (3,538) 7,450
Tax effect (1,532) 8,371 (1,045) 1,220 (2,567)
Net-of-tax amount 2,932 (15,959) 1,978 (2,318) 4,883
Derivative instruments
Change in fair value of derivatives used for cash flow hedges 0 1,755 (7,684) (3,337) (2,863)
Reclassification adjustment for loss realized in interest expense 0 0 190 519 313
Reclassification adjustment for termination fee realized in interest expense NA 0 0 223 687
Net adjustments relating to derivative instruments NA 1,755 (7,494) (2,595) (1,863)
Tax effect 0 (597) 2,548 882 633
Net-of-tax amount 0 1,158 (4,946) (1,713) (1,230)
Defined benefit pension plans
Gains and losses arising during the period pertaining to defined benefit plans (94) 1,608 (2,312) 674 0
Reclassification adjustment
Actuarial loss 175 117 0 125 71
Transition asset (11) (11) (10) 0 NA
Net adjustments pertaining to defined benefit plans 70 1,714 (2,322) 799 71
Tax effect (23) (583) 790 (271) (24)
Net-of-tax amount 47 1,131 (1,532) 528 47
Other comprehensive income (loss) 2,979 (13,670) (4,500) (3,503) 3,700
Comprehensive income 9,233 (6,914) 1,662 2,212 6,681
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.