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
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

Interest and dividend income

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

Interest expense

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

Non-interest income (loss)

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

Non-interest expense

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

Earnings per common share

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

Other comprehensive income (loss)

Unrealized (losses) gains on securities
Unrealized holding (losses) gains on available-for-sale securities (1,505) (2,381) 557 (4,814)
Reclassification adjustment for net losses (gains) realized in income (1,506) (1,139) (52) 281
Amortization of net unrealized loss on held-to-maturity securities (527) 26 0 0
Net unrealized loss upon transfer of held-to-maturity to available for sale 0 2,288 0 0
Unrealized (losses) gains on securities (3,538) (1,206) 505 (4,533)
Tax effect 1,220 413 (22) 938
Net-of-tax amount (2,318) (793) 483 (3,595)
Cash flow hedges
Change in fair value of derivatives used for cash flow hedges (3,337) (1,126) 31 442
Reclassification adjustment for loss realized in interest expense 519 619 970 452
Reclassification adjustment for termination fee realized in interest expense 223 956 1,068 1,068
Unrealized gains on cash flow hedges (2,595) 449 2,069 1,962
Tax effect 882 (152) (305) (551)
Net-of-tax amount (1,713) 297 1,764 1,411
Defined benefit pension plan
Gains (losses) arising during the period 674 (1,906) (663) 1,328
Amortization of defined benefit plans actuarial loss 125 109 124 177
Unrecognized actuarial gains (losses) defined benefit plan 799 (1,797) (539) 1,505
Tax effect (271) 610 527 (422)
Net-of-tax amount 528 (1,187) (12) 1,083
Other comprehensive (loss) income (3,503) (1,683) 2,235 (1,101)
Comprehensive income 2,212 3,151 14,555 15,307
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