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Income Statement

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 2013 Y2014 Y2015 Y2016 Y2017 Q1 YTD
Source Document12/31/201512/31/201612/31/201612/31/20163/31/2017
(in thousands)     
Interest and dividend income 
Loans 67,752133,011165,409179,81946,493
Securities - taxable interest 6,68716,36720,03919,6785,510
Securities - non-taxable interest 2,7485,1138,3548,3922,254
Securities - dividends 2501,3022,3633,920808
Interest-bearing deposits 8086180343101
Total interest and dividend income 77,517155,879196,345212,15255,166
Interest expense 
Deposits 7,99213,55921,44225,5766,819
Borrowed funds 2,4684,44810,32115,4774,050
Total interest expense 10,46018,00731,76341,05310,869
Net interest income 67,057137,872164,582171,09944,297
Provision for loan losses 2,0469,49613,00513,4372,288
Net interest income after provision for loan losses 65,011128,376151,577157,66242,009
Non-interest income 
Service charges and fees 7,25013,50921,04020,2595,418
Gain on sales of securities, net 5851,2289391,961457
Income from mortgage banking activities 7,2033,2039,5528,2271,321
Bank-owned life insurance income 2,0923,0423,6163,3941,207
Net loss on limited partnership investments 0(4,224)(3,136)(3,995)(80)
Other income (loss) (79)(153)476238182
Total non-interest income 17,05116,60532,48730,0848,505
Non-interest expense 
Salaries and employee benefits 36,42859,33267,46975,38419,730
Service bureau fees 3,2878,1796,7287,9862,103
Occupancy and equipment 6,67913,23915,44214,9864,469
Professional fees 2,3773,6626,3173,9171,309
Marketing and promotions 4762,2962,3213,049712
FDIC insurance assessments 1,1722,5533,6923,573679
Other real estate owned 874NANANANA
Core deposit intangible amortization 01,2831,7961,604385
Merger related expense 2,14136,9181,5750NA
FHLBB prepayment penalties NA001,4540
Other 9,03216,97022,85522,0205,308
Total non-interest expense 62,466144,432128,195133,97334,695
Income before income taxes 19,59654955,86953,77315,819
Provision for income taxes 5,369(6,233)6,2294,1122,093
Net income 14,2276,78249,64049,66113,726
Net income per share 
Basic 0.550.
Diluted 0.540.161.00.990.27
Weighted-average shares outstanding 
Basic 26,061,94242,829,09448,912,80749,731,14950,257,825
Diluted 26,426,22043,269,51749,385,56650,089,03051,029,795
Consolidated Statements of Comprehensive Income 
Net income 14,2276,78249,64049,66113,726
Other comprehensive income 
Securities available for sale 
Unrealized holding gains (15,704)13,847(5,912)(5,063)3,980
Reclassification adjustment for gains realized in operations (585)(1,228)(939)(1,961)(457)
Net unrealized gains (16,289)12,619(6,851)(7,024)3,523
Tax effect - expense 5,701(4,430)2,4622,529(1,265)
Net-of-tax amount - securities available for sale (10,588)8,189(4,389)(4,495)2,258
Interest rate swaps designated as cash flow hedges 
Unrealized gains (losses) 7,537(8,385)(3,108)(1,472)158
Reclassification adjustment for expense realized in operations 00122,362440
Net unrealized gains (losses) 7,537(8,385)(3,096)890598
Tax effect - benefit (expense) (2,638)2,9451,116(321)NA
Gains (losses) arising during the period 5,842NANANANA
Reclassification adjustment for losses (gains) recognized in net periodic benefit cost 784NANANANA
Net gains (losses) 6,626NANANANA
Tax effect - (expense) benefit (2,319)NANANA(215)
Net-of-tax amount - pension plan 4,307NANANANA
Net-of-tax amount - interest rate swaps 4,899(5,440)(1,980)569383
Pension and Post-retirement plans 
Gains (losses) arising during the period 820NANANANA
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 2313772
Reclassification adjustment for losses recognized in net periodic benefit cost 72NANANA143
Prior service cost arising during the period 105NANANANA
Net change in losses and prior service costs 1,020NANANA145
Tax effect - (expense) benefit (357)NANANANA
Net-of-tax amount - post-retirement plans 663NANANANA
Reclassification adjustment for losses (gains) recognized in net periodic benefit cost NA(286)759495NA
Net change in gains (losses) and prior service costs NA(6,937)2,872(856)NA
Tax effect - benefit NA2,464(892)308(52)
Net-of-tax amount - pension and post-retirement plans 4,970(4,473)1,980(548)93
Comprehensive income 13,5085,05845,25145,18716,460
Total other comprehensive income (719)(1,724)(4,389)(4,474)2,734

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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