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Income Statement

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 2013 Y2014 Y2015 Y2016 Y2017 Q2 YTD
Source Document12/31/201512/31/201612/31/201612/31/20166/30/2017
(in thousands)     
Interest and dividend income 
Loans 67,752133,011165,409179,81996,167
Securities - taxable interest 6,68716,36720,03919,67811,303
Securities - non-taxable interest 2,7485,1138,3548,3924,609
Securities - dividends 2501,3022,3633,9201,497
Interest-bearing deposits 8086180343152
Total interest and dividend income 77,517155,879196,345212,152113,728
Interest expense 
Deposits 7,99213,55921,44225,57614,422
Borrowed funds 2,4684,44810,32115,4778,681
Total interest expense 10,46018,00731,76341,05323,103
Net interest income 67,057137,872164,582171,09990,625
Provision for loan losses 2,0469,49613,00513,4374,580
Net interest income after provision for loan losses 65,011128,376151,577157,66286,045
Non-interest income 
Service charges and fees 7,25013,50921,04020,25912,252
Gain on sales of securities, net 5851,2289391,961552
Income from mortgage banking activities 7,2033,2039,5528,2273,151
Bank-owned life insurance income 2,0923,0423,6163,3942,356
Net loss on limited partnership investments 0(4,224)(3,136)(3,995)(718)
Other income (79)(153)476238388
Total non-interest income 17,05116,60532,48730,08417,981
Non-interest expense 
Salaries and employee benefits 36,42859,33267,46975,38439,304
Service bureau fees 3,2878,1796,7287,9864,046
Occupancy and equipment 6,67913,23915,44214,9868,126
Professional fees 2,3773,6626,3173,9172,261
Marketing and promotions 4762,2962,3213,0491,949
FDIC insurance assessments 1,1722,5533,6923,5731,475
Other real estate owned 874NANANANA
Core deposit intangible amortization 01,2831,7961,604738
Merger related expense 2,14136,9181,5750NA
FHLBB prepayment penalties NA001,4540
Other 9,03216,97022,85522,02011,775
Total non-interest expense 62,466144,432128,195133,97369,674
Income before income taxes 19,59654955,86953,77334,352
Provision for income taxes 5,369(6,233)6,2294,1124,426
Net income 14,2276,78249,64049,66129,926
Net income per share 
Basic 0.550.
Diluted 0.540.161.00.990.59
Weighted-average shares outstanding 
Basic 26,061,94242,829,09448,912,80749,731,14950,237,406
Diluted 26,426,22043,269,51749,385,56650,089,03050,887,124
Consolidated Statements of Comprehensive Income 
Net income 14,2276,78249,64049,66129,926
Other comprehensive income 
Securities available for sale 
Unrealized holding gains (15,704)13,847(5,912)(5,063)9,062
Reclassification adjustment for gains realized in operations (585)(1,228)(939)(1,961)(552)
Net unrealized gains (16,289)12,619(6,851)(7,024)8,510
Tax effect - expense 5,701(4,430)2,4622,529(3,057)
Net-of-tax amount - securities available for sale (10,588)8,189(4,389)(4,495)5,453
Interest rate swaps designated as cash flow hedges 
Unrealized losses 7,537(8,385)(3,108)(1,472)(1,942)
Reclassification adjustment for expense (benefit) recognized in interest expense 00122,362803
Net unrealized losses 7,537(8,385)(3,096)890(1,139)
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)NANANANA
Net-of-tax amount - pension plan 4,307NANANANA
Reclassification adjustment for prior service costs recognized in net periodic benefit cost NA1377NA
Prior service cost arising during the period NA16800NA
Net change in gains (losses) and prior service costs NA(6,937)2,872(856)NA
Tax effect - benefit NA2,464(892)308410
Net-of-tax amount - interest rate swaps 4,899(5,440)(1,980)569(729)
Pension and Post-retirement plans 
Gains (losses) arising during the period 820NANANANA
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 23NANANA3
Reclassification adjustment for losses recognized in net periodic benefit cost 72NANANA286
Prior service cost arising during the period 105NANANANA
Net change in losses and prior service costs 1,020NANANA289
Tax effect - expense (357)NANANA(104)
Net-of-tax amount - post-retirement plans 663NANANANA
Net-of-tax amount - pension and post-retirement plans 4,970(4,473)1,980(548)185
Total other comprehensive income (719)(1,724)(4,389)(4,474)4,909
Comprehensive income 13,5085,05845,25145,18734,835

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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