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Income Statement

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 2013 Y2014 Y2015 Y2016 Y2017 Q3 YTD
Source Document12/31/201512/31/201612/31/201612/31/20169/30/2017
(in thousands)     
Interest and dividend income 
Loans 67,752133,011165,409179,819147,976
Securities - taxable interest 6,68716,36720,03919,67816,907
Securities - non-taxable interest 2,7485,1138,3548,3927,108
Securities - dividends 2501,3022,3633,9202,233
Interest-bearing deposits 8086180343303
Total interest and dividend income 77,517155,879196,345212,152174,527
Interest expense 
Deposits 7,99213,55921,44225,57623,607
Borrowed funds 2,4684,44810,32115,47713,527
Total interest expense 10,46018,00731,76341,05337,134
Net interest income 67,057137,872164,582171,099137,393
Provision for loan losses 2,0469,49613,00513,4377,146
Net interest income after provision for loan losses 65,011128,376151,577157,662130,247
Non-interest income 
Service charges and fees 7,25013,50921,04020,25918,413
Gain on sales of securities, net 5851,2289391,961710
Income from mortgage banking activities 7,2033,2039,5528,2274,355
Bank-owned life insurance income 2,0923,0423,6163,3943,523
Net loss on limited partnership investments 0(4,224)(3,136)(3,995)(1,582)
Other income (loss) (79)(153)476238635
Total non-interest income 17,05116,60532,48730,08426,054
Non-interest expense 
Salaries and employee benefits 36,42859,33267,46975,38459,309
Service bureau fees 3,2878,1796,7287,9866,029
Occupancy and equipment 6,67913,23915,44214,98611,866
Professional fees 2,3773,6626,3173,9173,309
Marketing and promotions 4762,2962,3213,0493,036
FDIC insurance assessments 1,1722,5533,6923,5732,255
Other real estate owned 874NANANANA
Core deposit intangible amortization 01,2831,7961,6041,075
Merger related expense 2,14136,9181,5750NA
FHLBB prepayment penalties NA001,4540
Other 9,03216,97022,85522,02017,704
Total non-interest expense 62,466144,432128,195133,973104,583
Income before income taxes 19,59654955,86953,77351,718
Provision for income taxes 5,369(6,233)6,2294,1126,601
Net income 14,2276,78249,64049,66145,117
Net income per share 
Basic 0.550.
Diluted 0.540.161.00.990.89
Weighted-average shares outstanding 
Basic 26,061,94242,829,09448,912,80749,731,14950,246,234
Diluted 26,426,22043,269,51749,385,56650,089,03050,888,175
Consolidated Statements of Comprehensive Income 
Net Income 14,2276,78249,64049,66145,117
Other comprehensive income 
Securities available-for-sale 
Unrealized holding gains (losses) (15,704)13,847(5,912)(5,063)10,138
Reclassification adjustment for gains realized in operations (585)(1,228)(939)(1,961)(710)
Net unrealized gains (losses) (16,289)12,619(6,851)(7,024)9,428
Tax effect - (expense) benefit 5,701(4,430)2,4622,529(3,387)
Net-of-tax amount - securities available-for-sale (10,588)8,189(4,389)(4,495)6,041
Interest rate swaps designated as cash flow hedges 
Unrealized (losses) gains 7,537(8,385)(3,108)(1,472)(2,073)
Reclassification adjustment for expense (benefit) recognized in interest expense 00122,3621,104
Net unrealized gains (losses) 7,537(8,385)(3,096)890(969)
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
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)308NA
Tax effect - (expense) benefit (2,638)2,9451,116(321)349
Net-of-tax amount - interest rate swaps 4,899(5,440)(1,980)569(620)
Pension and Post-retirement plans 
Gains (losses) arising during the period 820NANANANA
Reclassification adjustment for prior service costs recognized in net periodic benefit cost 23NANANA5
Reclassification adjustment for losses recognized in net periodic benefit cost 72NANANA428
Prior service cost arising during the period 105NANANANA
Net change in losses and prior service costs 1,020NANANA433
Tax effect - expense (357)NANANA(156)
Net-of-tax amount - post-retirement plans 663NANANANA
Net-of-tax amount - pension and post-retirement plans 4,970(4,473)1,980(548)277
Total other comprehensive income (719)(1,724)(4,389)(4,474)5,698
Comprehensive income 13,5085,05845,25145,18750,815

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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