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Income Statement

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 2014 Y2015 Y2016 Y2017 Y
Source Document12/31/201612/31/201712/31/201712/31/2017
(in thousands)    
Interest and dividend income 
Loans 133,011165,409179,819200,734
Securities-taxable interest 16,36720,03919,67822,550
Securities-non-taxable interest 5,1138,3548,3929,679
Securities-dividends 1,3022,3633,9202,902
Interest-bearing deposits 86180343389
Total interest and dividend income 155,879196,345212,152236,254
Interest expense 
Deposits 13,55921,44225,57633,565
Borrowed funds 4,44810,32115,47718,447
Total interest expense 18,00731,76341,05352,012
Net interest income 137,872164,582171,099184,242
Provision for loan losses 9,49613,00513,4379,396
Net interest income after provision for loan losses 128,376151,577157,662174,846
Non-interest income 
Service charges and fees 13,50921,04020,25924,209
Income from mortgage banking activities 3,2039,5528,2275,539
Bank-owned life insurance income 3,0423,6163,3945,462
Gain on sales of securities, net 1,2289391,961782
Net loss on limited partnership investments (4,224)(3,136)(3,995)(3,023)
Other income (153)476238431
Total non-interest income 16,60532,48730,08433,400
Non-interest expense 
Salaries and employee benefits 59,33267,46975,38480,061
Occupancy and equipment 13,23915,44214,98616,902
Service bureau fees 8,1796,7287,9868,098
Professional fees 3,6626,3173,9174,305
Marketing and promotions 2,2962,3213,0494,047
FDIC insurance assessments 2,5533,6923,5733,076
Core deposit intangible amortization 1,2831,7961,6041,411
Merger related expense 36,9181,57500
FHLBB prepayment penalties 001,4540
Other 16,97022,85522,02023,685
Total non-interest expense 144,432128,195133,973141,585
Income before income taxes 54955,86953,77366,661
Provision for income taxes (6,233)6,2294,11212,043
Net income 6,78249,64049,66154,618
Net income per share 
Weighted-average shares outstanding 
Basic 42,829,09448,912,80749,731,14950,283,071
Diluted 43,269,51749,385,56650,089,03050,922,652
Consolidated Statements of Comprehensive Income 
Net income 6,78249,64049,66154,618
Other comprehensive income (loss) 
Securities available for sale 
Unrealized holding gains (losses) 13,847(5,912)(5,063)4,731
Reclassification adjustment for gains realized in income (1,228)(939)(1,961)(782)
Net unrealized gains (losses) 12,619(6,851)(7,024)3,949
Tax effect - benefit (expense) (4,430)2,4622,529(1,416)
Net-of-tax amount - securities available for sale 8,189(4,389)(4,495)2,533
Interest rate swaps designated as cash flow hedges 
Unrealized losses (8,385)(3,108)(1,472)(313)
Reclassification adjustment for losses recognized in interest expense 0122,3621,487
Net unrealized gains (losses) (8,385)(3,096)8901,174
Tax effect - benefit (expense) 2,9451,116(321)(423)
Net-of-tax amount - interest rate swaps (5,440)(1,980)569751
Pension and Other Post-retirement plans 
Gains (losses) arising during the period (6,832)2,106(1,358)(220)
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 13777
Reclassification adjustment for losses (gains) recognized in net periodic benefit cost (286)NANANA
Prior service cost arising during the period 168NANANA
Reclassification adjustment for losses recognized in net periodic benefit cost NA759495571
Net change in gains (losses) and prior service costs (6,937)2,872(856)358
Tax effect - benefit 2,464NANANA
Tax effect - benefit (expense) NA(892)308(129)
Net-of-tax amount - pension and other post-retirement plans (4,473)1,980(548)229
Total other comprehensive income (loss) (1,724)(4,389)(4,474)3,513
Comprehensive income 5,05845,25145,18758,131

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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