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Income Statement

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 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
(in thousands)    
Interest and dividend income 
Loans 67,752133,011165,409179,819
Securities-taxable interest 6,68716,36720,03919,678
Securities-non-taxable interest 2,7485,1138,3548,392
Securities-dividends 2501,3022,3633,920
Interest-bearing deposits 8086180343
Total interest and dividend income 77,517155,879196,345212,152
Interest expense 
Deposits 7,99213,55921,44225,576
Borrowed funds 2,4684,44810,32115,477
Total interest expense 10,46018,00731,76341,053
Net interest income 67,057137,872164,582171,099
Provision for loan losses 2,0469,49613,00513,437
Net interest income after provision for loan losses 65,011128,376151,577157,662
Non-interest income 
Service charges and fees 7,25013,50921,04020,259
Income from mortgage banking activities 7,2033,2039,5528,227
Bank-owned life insurance income 2,0923,0423,6163,394
Gain on sales of securities, net 5851,2289391,961
Net loss on limited partnership investments 0(4,224)(3,136)(3,995)
Other income (loss) (79)(153)476238
Total non-interest income 17,05116,60532,48730,084
Non-interest expense 
Salaries and employee benefits 36,42859,33267,46975,384
Occupancy and equipment 6,67913,23915,44214,986
Service bureau fees 3,2878,1796,7287,986
Professional fees 2,3773,6626,3173,917
Marketing and promotions 4762,2962,3213,049
FDIC insurance assessments 1,1722,5533,6923,573
Other real estate owned 874NANANA
Core deposit intangible amortization 01,2831,7961,604
Merger related expense 2,14136,9181,5750
FHLBB prepayment penalties NA001,454
Other 9,03216,97022,85522,020
Total non-interest expense 62,466144,432128,195133,973
Income before income taxes 19,59654955,86953,773
Provision (benefit) for income taxes 5,369(6,233)6,2294,112
Net income 14,2276,78249,64049,661
Net income per share 
Basic 0.550.161.011.0
Diluted 0.540.161.00.99
Weighted-average shares outstanding 
Basic 26,061,94242,829,09448,912,80749,731,149
Diluted 26,426,22043,269,51749,385,56650,089,030
Consolidated Statements of Comprehensive Income 
Net income 14,2276,78249,64049,661
Other comprehensive income (loss) 
Securities available for sale 
Unrealized holding gains (losses) (15,704)13,847(5,912)(5,063)
Reclassification adjustment for gains realized in income (585)(1,228)(939)(1,961)
Net unrealized gains (losses) (16,289)12,619(6,851)(7,024)
Tax effect - benefit (expense) 5,701(4,430)2,4622,529
Net-of-tax amount - securities available for sale (10,588)8,189(4,389)(4,495)
Interest rate swaps designated as cash flow hedges 
Unrealized losses 7,537(8,385)(3,108)(1,472)
Reclassification adjustment for losses recognized in interest expense 00122,362
Net unrealized gains (losses) 7,537(8,385)(3,096)890
Tax effect - benefit (expense) (2,638)2,9451,116(321)
Net-of-tax amount - interest rate swaps 4,899(5,440)(1,980)569
Pension and Post-retirement plans 
Gains (losses) arising during the period 820(6,832)2,106(1,358)
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 231377
Reclassification adjustment for losses (gains) recognized in net periodic benefit cost NA(286)759495
Prior service cost arising during the period 10516800
Net change in gains (losses) and prior service costs NA(6,937)2,872(856)
Tax effect - benefit (expense) NA2,464(892)308
Reclassification adjustment for losses recognized in net periodic benefit cost 72NANANA
Change in losses and prior service costs 1,020NANANA
Tax effect - (expense) benefit (357)NANANA
Net-of-tax amount - post-retirement plans 663NANANA
Net gains (losses) 6,626NANANA
Tax effect - expense (2,319)NANANA
Net-of-tax amount - pension plans 4,307NANANA
Net-of-tax amount - pension and post-retirement plans 4,970(4,473)1,980(548)
Total other comprehensive loss (719)(1,724)(4,389)(4,474)
Comprehensive income 13,5085,05845,25145,187

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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