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 Q2 YTD 6/30/2017 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 Q2 YTD 6/30/2017 USD

INTEREST AND DIVIDEND INCOME

Residential and commercial real estate loans 20,204 21,953 23,769 32,562 26,568
Commercial and industrial loans 5,064 5,749 6,594 7,431 5,297
Consumer loans 140 141 158 205 173
Debt securities, taxable 14,302 11,880 10,777 7,387 3,700
Debt securities, tax-exempt 1,067 833 602 168 56
Equity securities 152 176 162 180 70
Other investments - at cost 93 246 396 550 329
Federal funds sold, interest-bearing deposits and other short-term investments 9 13 18 115 92
Total interest and dividend income 41,031 40,991 42,476 48,598 36,285

INTEREST EXPENSE

Deposits 5,525 5,177 5,571 6,581 4,068
Long-term debt 4,591 4,326 4,133 2,266 1,100
Short-term borrowings 174 420 1,090 2,438 1,871
Total interest expense 10,290 9,923 10,794 11,285 7,039
Net interest and dividend income 30,741 31,068 31,682 37,313 29,246
PROVISION FOR LOAN LOSSES (256) 1,575 1,275 575 650
Net interest and dividend income after provision for loan losses 30,997 29,493 30,407 36,738 28,596

NON-INTEREST INCOME (LOSS)

Service charges and fees 2,404 2,617 3,132 4,181 3,075
Income from bank-owned life insurance 1,549 1,523 1,527 1,558 919
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 (loss) on sales of securities, net 3,126 320 1,506 1,139 (18)
Other income 3,236 0 0 8 116
Total non-interest income 4,272 4,460 4,865 5,971 4,092

NON-INTEREST EXPENSE

Salaries and employee benefits 15,458 14,709 15,410 17,643 12,464
Occupancy 2,898 3,076 3,239 3,617 1,924
Computer operations 2,340 2,341 2,361 2,845 NA
Furniture and equipment NA NA NA NA 739
Data processing NA NA NA NA 1,060
Professional fees 2,033 1,936 2,178 2,177 1,277
FDIC insurance assessment 655 713 800 716 303
Merger related expenses NA 0 0 4,051 626
Advertising NA NA NA NA 633
Other 22 3,134 3,445 4,257 3,240
Total non-interest expense 26,642 25,909 27,433 35,306 22,266
INCOME BEFORE INCOME TAXES 8,627 8,044 7,839 7,403 10,422
INCOME TAX PROVISION 1,871 1,882 2,124 2,569 1,563
NET INCOME 6,756 6,162 5,715 4,834 8,859

EARNINGS PER COMMON SHARE

Basic earnings per share 0.34 0.34 0.33 0.25 0.30
Weighted average shares outstanding 20,079,251 18,183,739 17,497,620 19,707,948 29,790,164
Diluted earnings per share 0.34 0.34 0.33 0.24 0.30
Weighted average diluted shares outstanding 20,079,265 18,183,739 17,497,620 19,803,744 30,000,280

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 6,756 6,162 5,715 4,834 8,859

Other comprehensive income (loss)

Unrealized gains on securities
Unrealized holding gains on available for sale securities (20,970) 3,398 (1,505) (2,381) 1,752
Reclassification adjustment for loss (gain) realized in income (3,126) (320) (1,506) (1,139) 18
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 (24,330) 3,023 (3,538) (1,206) 1,770
Tax effect 8,371 (1,045) 1,220 413 (527)
Net-of-tax amount (15,959) 1,978 (2,318) (793) 1,243
Derivative instruments
Change in fair value of derivatives used for cash flow hedges 1,755 (7,684) (3,337) (1,126) (293)
Reclassification adjustment for loss realized in interest expense 0 190 519 619 523
Reclassification adjustment for termination fee realized in interest expense 0 0 223 956 530
Net adjustments relating to derivative instruments 1,755 (7,494) (2,595) 449 760
Tax effect (597) 2,548 882 (152) 165
Net-of-tax amount 1,158 (4,946) (1,713) 297 925
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) 102
Tax effect (583) 790 (271) 610 284
Net-of-tax amount 1,131 (1,532) 528 (1,187) 386
Other comprehensive income (13,670) (4,500) (3,503) (1,683) 2,554
Comprehensive income (6,914) 1,662 2,212 3,151 11,413
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.