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Income Statement

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 2015 Y2016 Y2017 Y2018 Y
Source Document12/31/201712/31/201812/31/201812/31/2018
(in thousands)    
Interest and dividend income 
Loans 165,409179,819200,734237,026
Securities-taxable interest 20,03919,67822,55022,994
Securities-non-taxable interest 8,3548,3929,6799,469
Securities-dividends 2,3633,9202,9022,823
Interest-bearing deposits 180343389726
Total interest and dividend income 196,345212,152236,254273,038
Interest expense 
Deposits 21,44225,57633,56557,841
Borrowed funds 10,32115,47718,44723,682
Total interest expense 31,76341,05352,01281,523
Net interest income 164,582171,099184,242191,515
Provision for loan losses 13,00513,4379,3968,914
Net interest income after provision for loan losses 151,577157,662174,846182,601
Non-interest income 
Service charges and fees 21,04021,01425,37426,771
Income from mortgage banking activities 9,5528,2275,5394,759
Bank-owned life insurance income 3,6163,3945,4626,294
Gain on sales of securities, net 9391,961782145
Net loss on limited partnership investments (3,136)(3,995)(3,023)(2,176)
Other income 476238431904
Total non-interest income 32,48730,83934,56536,697
Non-interest expense 
Salaries and employee benefits 67,46975,38480,06191,295
Occupancy and equipment 15,44214,98616,90220,488
Service bureau fees 6,7288,7419,2638,901
Professional fees 6,3173,9174,3054,418
Marketing and promotions 2,3213,0494,0474,101
FDIC insurance assessments 3,6923,5733,0762,740
Core deposit intangible amortization 1,7961,6041,4111,350
Merger related expense 1,575NANANA
FHLBB prepayment penalties 01,45400
Other 22,85522,02023,68524,474
Total non-interest expense 128,195134,728142,750157,767
Income before income taxes 55,86953,77366,66161,531
Provision for income taxes 6,2294,11212,0431,625
Net income 49,64049,66154,61859,906
Net income per share 
Diluted 1.00.991.071.17
Weighted-average shares outstanding 
Basic 48,912,80749,731,14950,283,07150,555,212
Diluted 49,385,56650,089,03050,922,65251,012,239
Consolidated Statements of Comprehensive Income 
Net income 49,64049,66154,61859,906
Other comprehensive income (loss) 
Securities available for sale 
Unrealized holding (losses) gains (5,912)(5,063)4,731(22,207)
Reclassification adjustment for gains realized in income (939)(1,961)(782)(145)
Net unrealized (losses) gains (6,851)(7,024)3,949(22,352)
Tax effect - benefit (expense) 2,4622,529(1,416)5,107
Net-of-tax amount - securities available for sale (4,389)(4,495)2,533(17,245)
Interest rate swaps designated as cash flow hedges 
Unrealized gains (losses) (3,108)(1,472)(313)1,516
Reclassification adjustment for losses recognized in interest expense 122,3621,487613
Net unrealized gains (3,096)8901,1742,129
Tax effect - expense 1,116(321)(423)(470)
Net-of-tax amount - interest rate swaps (1,980)5697511,659
Pension and Other Post-retirement plans 
Losses arising during the period 2,106(1,358)(220)(783)
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 7777
Reclassification adjustment for losses recognized in net periodic benefit cost 759495571493
Net change in (losses) gains and prior service costs 2,872(856)358(283)
Tax effect - benefit (expense) (892)308(129)62
Net-of-tax amount - pension and other post-retirement plans 1,980(548)229(221)
Total other comprehensive (loss) income (4,389)(4,474)3,513(15,807)
Comprehensive income 45,25145,18758,13144,099

Data shown on this page is extracted directly from the company’s documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.

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