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As Reported Financials

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

Loans 165,409 179,819 200,734 237,026 64,764
Securities - taxable interest 20,039 19,678 22,550 22,994 6,475
Securities - non-taxable interest 8,354 8,392 9,679 9,469 1,094
Securities - dividends 2,363 3,920 2,902 2,823 656
Interest-bearing deposits 180 343 389 726 225
Total interest and dividend income 196,345 212,152 236,254 273,038 73,214

Interest expense

Deposits 21,442 25,576 33,565 57,841 19,931
Borrowed funds 10,321 15,477 18,447 23,682 6,346
Total interest expense 31,763 41,053 52,012 81,523 26,277
Net interest income 164,582 171,099 184,242 191,515 46,937
Provision for loan losses 13,005 13,437 9,396 8,914 2,043
Net interest income after provision for loan losses 151,577 157,662 174,846 182,601 44,894

Non-interest income

Service charges and fees 21,040 21,014 25,374 26,771 6,185
Gain on sales of securities, net 939 1,961 782 145 737
Income from mortgage banking activities 9,552 8,227 5,539 4,759 591
Bank-owned life insurance income 3,616 3,394 5,462 6,294 1,946
Net loss on limited partnership investments (3,136) (3,995) (3,023) (2,176) (603)
Other income 476 238 431 904 124
Total non-interest income 32,487 30,839 34,565 36,697 8,980

Non-interest expense

Salaries and employee benefits 67,469 75,384 80,061 91,295 22,202
Service bureau fees 6,728 8,741 9,263 8,901 2,037
Occupancy and equipment 15,442 14,986 16,902 20,488 5,540
Professional fees 6,317 3,917 4,305 4,418 1,293
Marketing and promotions 2,321 3,049 4,047 4,101 858
FDIC insurance assessments 3,692 3,573 3,076 2,740 659
Core deposit intangible amortization 1,796 1,604 1,411 1,350 420
Merger related expense 1,575 NA NA NA NA
FHLBB prepayment penalties 0 1,454 0 0 NA
Other 22,855 22,020 23,685 24,474 6,178
Total non-interest expense 128,195 134,728 142,750 157,767 39,187
Income before income taxes 55,869 53,773 66,661 61,531 14,687
Provision for income taxes 6,229 4,112 12,043 1,625 2,030
Net income 49,640 49,661 54,618 59,906 12,657

Net income per share

Basic 1.01 1.00 1.09 1.18 0.25
Diluted 1.00 0.99 1.07 1.17 0.25

Weighted-average shares outstanding

Basic 48,912,807 49,731,149 50,283,071 50,555,212 50,615,059
Diluted 49,385,566 50,089,030 50,922,652 51,012,239 50,907,092

Consolidated Statements of Comprehensive Income

Net income 49,640 49,661 54,618 59,906 12,657

Other comprehensive income (loss)

Securities available-for-sale
Unrealized holding gains (losses) (5,912) (5,063) 4,731 (22,207) 23,770
Reclassification adjustment for gains realized in operations (939) (1,961) (782) (145) (737)
Net unrealized gains (losses) (3,096) 890 1,174 2,129 23,033
Tax effect - (expense) benefit 1,116 (321) (423) (470) (5,075)
Net-of-tax amount - securities available-for-sale (4,389) (4,495) 2,533 (17,245) 17,958
Interest rate swaps designated as cash flow hedges
Unrealized (losses) gains (3,108) (1,472) (313) 1,516 (4,573)
Reclassification adjustment for (gains) losses recognized in interest expense 12 2,362 1,487 613 (223)
Net unrealized (losses) gains (6,851) (7,024) 3,949 (22,352) (4,796)
Tax effect - benefit (expense) 2,462 2,529 (1,416) 5,107 1,056
Net-of-tax amount - interest rate swaps (1,980) 569 751 1,659 (3,740)
Pension and Post-retirement plans
Losses arising during the period 2,106 (1,358) (220) (783) NA
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 7 7 7 7 2
Reclassification adjustment for losses recognized in net periodic benefit cost 759 495 571 493 139
Net change in gains and prior service costs 2,872 (856) 358 (283) 141
Tax effect - expense (892) 308 (129) 62 (30)
Net-of-tax amount - pension and post-retirement plans 1,980 (548) 229 (221) 111
Total other comprehensive income (loss) (4,389) (4,474) 3,513 (15,807) 14,329
Comprehensive income 45,251 45,187 58,131 44,099 26,986
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.