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Income Statement

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 2014 Y2015 Y2016 Y2017 Y2018 Q3 YTD
Source Document12/31/201612/31/201712/31/201712/31/20179/30/2018
(in thousands)     
Interest and dividend income 
Loans 133,011165,409179,819200,734173,799
Securities - taxable interest 16,36720,03919,67822,55017,289
Securities - non-taxable interest 5,1138,3548,3929,6797,130
Securities - dividends 1,3022,3633,9202,9022,121
Interest-bearing deposits 86180343389476
Total interest and dividend income 155,879196,345212,152236,254200,815
Interest expense 
Deposits 13,55921,44225,57633,56539,658
Borrowed funds 4,44810,32115,47718,44718,004
Total interest expense 18,00731,76341,05352,01257,662
Net interest income 137,872164,582171,099184,242143,153
Provision for loan losses 9,49613,00513,4379,3966,296
Net interest income after provision for loan losses 128,376151,577157,662174,846136,857
Non-interest income 
Service charges and fees 13,50921,04020,25924,20919,324
(Loss) gain on sales of securities, net 1,2289391,961782120
Income from mortgage banking activities 3,2039,5528,2275,5394,061
Bank-owned life insurance income 3,0423,6163,3945,4624,777
Net loss on limited partnership investments (4,224)(3,136)(3,995)(3,023)(1,771)
Other income (153)476238431693
Total non-interest income 16,60532,48730,08433,40027,204
Non-interest expense 
Salaries and employee benefits 59,33267,46975,38480,06165,954
Service bureau fees 8,1796,7287,9868,0986,592
Occupancy and equipment 13,23915,44214,98616,90214,104
Professional fees 3,6626,3173,9174,3053,282
Marketing and promotions 2,2962,3213,0494,0472,993
FDIC insurance assessments 2,5533,6923,5733,0762,129
Core deposit intangible amortization 1,2831,7961,6041,411930
Merger related expense 36,9181,57500NA
FHLBB prepayment penalties 001,4540NA
Other 16,97022,85522,02023,68518,065
Total non-interest expense 144,432128,195133,973141,585114,049
Income before income taxes 54955,86953,77366,66150,012
Provision for income taxes (6,233)6,2294,11212,0432,271
Net income 6,78249,64049,66154,61847,741
Net income per share 
Weighted-average shares outstanding 
Basic 42,829,09448,912,80749,731,14950,283,07150,535,569
Diluted 43,269,51749,385,56650,089,03050,922,65251,026,105
Consolidated Statements of Comprehensive Income 
Net income 6,78249,64049,66154,61847,741
Other comprehensive (loss) income 
Securities available-for-sale 
Unrealized holding (losses) gains 13,847(5,912)(5,063)4,731(29,784)
Reclassification adjustment for losses (gains) realized in operations (1,228)(939)(1,961)(782)(120)
Net unrealized (losses) gains 12,619(6,851)(7,024)3,949(29,904)
Tax effect - benefit (expense) (4,430)2,4622,529(1,416)6,746
Net-of-tax amount - securities available-for-sale 8,189(4,389)(4,495)2,533(23,158)
Interest rate swaps designated as cash flow hedges 
Unrealized gains (losses) (8,385)(3,108)(1,472)(313)9,021
Reclassification adjustment for losses recognized in interest expense 0122,3621,487546
Net unrealized gains (losses) (8,385)(3,096)8901,1749,567
Tax effect - (expense) benefit 2,9451,116(321)(423)(2,108)
Net-of-tax amount - interest rate swaps (5,440)(1,980)5697517,459
Pension and Post-retirement plans 
Gains (losses) arising during the period (6,832)2,106(1,358)(220)NA
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 137775
Reclassification adjustment for losses recognized in net periodic benefit cost (286)759495571370
Prior service cost arising during the period 168NANANANA
Net change in gains and prior service costs (6,937)2,872(856)358375
Tax effect - expense 2,464(892)308(129)(83)
Net-of-tax amount - pension and post-retirement plans (4,473)1,980(548)229292
Total other comprehensive (loss) income (1,724)(4,389)(4,474)3,513(15,407)
Comprehensive income 5,05845,25145,18758,13132,334

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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