As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD

INTEREST INCOME

Interest and fees on loans 40,642 50,018 51,217 62,468 17,662
Interest on deposits with other banks 274 322 340 403 122
Interest on investment securities - taxable 958 1,366 2,658 3,580 879
Interest on tax exempt loans and securities 2,226 2,417 2,383 3,309 960
Total interest income 44,100 54,123 56,598 69,760 19,623

INTEREST EXPENSE

Interest on deposits 6,246 7,748 8,294 11,635 4,123
Interest on repurchase agreements 83 72 75 56 14
Interest on FHLB and other borrowings 692 1,086 1,690 4,259 1,229
Interest on subordinated debt 2,204 2,226 2,242 1,756 285
Total interest expense 9,225 11,132 12,301 17,706 5,651
NET INTEREST INCOME 34,875 42,991 44,297 52,054 13,972
Provision for loan losses 2,493 3,632 2,173 2,440 300
Net interest income after provision for loan losses 32,382 39,359 42,124 49,614 13,672

NONINTEREST INCOME

Service charges on deposit accounts 646 764 765 1,033 315
Income on bank owned life insurance 653 638 646 1,182 525
Interchange and debit card transaction fees 987 1,185 1,258 647 141
Mortgage fee income 29,472 35,673 37,149 32,337 6,670
Gain on sale of portfolio loans 1,413 1,042 538 198 55
Insurance and investment services income 338 420 563 716 156
(Loss) gain on sale of available-for-sale securities, net 130 1,082 731 327 (118)
Gain on derivatives, net 675 1,467 (2,722) (278) 450
Commercial swap fee income 382 84 503 552 80
Holding gain (loss) on equity securities NA 0 0 590 180
Other operating income 259 850 1,275 1,336 311
Total noninterest income 34,955 43,205 40,706 38,640 8,765

NONINTEREST EXPENSES

Salary and employee benefits 36,073 45,225 44,108 46,224 11,734
Occupancy expense 3,390 3,686 4,084 4,234 1,185
Equipment depreciation and maintenance 2,013 2,452 3,005 3,239 854
Data processing and communications 4,010 4,964 5,116 3,741 988
Mortgage processing 3,158 3,355 3,207 3,551 809
Marketing, contributions, and sponsorships 1,352 1,253 1,179 1,141 214
Professional fees 3,232 2,720 3,143 3,559 828
Printing, postage, and supplies 762 767 988 762 135
Insurance, tax, and assessment expense 1,394 1,528 1,797 1,846 505
Travel, entertainment, dues, and subscriptions 1,579 1,725 2,221 2,808 690
Other operating expenses 885 1,534 1,652 1,773 506
Total noninterest expense 57,848 69,209 70,500 72,878 18,448
Income before income taxes 9,489 13,355 12,330 15,376 3,989

Income tax expense

Income tax expense 2,886 4,378 4,755 3,373 797
Net Income from continuing operations 6,603 8,977 7,575 12,003 NA
Income from discontinued operations, before income taxes 353 6,346 0 0 NA
Income tax expense - discontinued operations 140 2,411 0 0 NA
Net Income from discontinued operations 213 3,935 0 0 NA
Net income 6,816 12,912 7,575 12,003 3,192
Preferred dividends 575 1,128 498 489 121

Net income available to common shareholders

Net income available to common shareholders 6,241 11,784 7,077 11,514 3,071
Earnings per share from continuing operations - basic 0.75 0.96 0.69 1.04 NA
Earnings per share from discontinued operations - basic 0.03 0.48 0 0 NA

Earnings per share - basic

Earnings per share - basic 0.78 1.44 0.69 1.04 0.26
Earnings per share from continuing operations - diluted 0.74 0.92 0.68 1.00 NA
Earnings per share from discontinued operations - diluted 0.03 0.39 0 0 NA
Earnings per share - diluted 0.77 1.31 0.68 1.00 0.26
Cash dividends declared 0.08 0.08 0.10 0.11 0.04
Weighted average shares outstanding - basic 8,014,316 8,212,021 10,308,738 11,030,984 11,607,543
Weighted average shares outstanding - diluted 8,140,116 10,068,733 10,440,228 12,722,003 13,177,281

Consolidated Statements of Comprehensive Income

Net Income 6,816 12,912 7,575 12,003 3,192

Other comprehensive income (loss)

Unrealized holding gains (losses) on securities available-for-sale 202 (2,802) 3,387 (4,167) 1,859
Unrealized holding gains during the year related to reclassified held-to-maturity securities 0 1,825 0 0 NA
Income tax effect for Unrealized holding gains (losses) on securities available-for-sale (81) 391 (1,355) 1,125 (502)
Reclassification adjustment for loss (gain) recognized in income (130) (813) (731) (327) 118
Reclassification adjustment for gain recognized in income related to reclassified held-to-maturity securities 0 (269) 0 0 NA
Income tax effect for Reclassification adjustment for loss (gain) recognized in income 52 433 292 88 (32)
Change in defined benefit pension plan (556) (181) (507) 284 (263)
Income tax effect for Change in defined benefit pension plan 222 72 203 (77) 71
Carrying Value Adjustment - Investment hedge NA NA NA NA (458)
Income tax effect for Carrying Value Adjustment - Investment hedge NA NA NA NA 124
Total other comprehensive income (loss) (291) (1,344) 1,289 (3,074) 917
Comprehensive income (loss) 6,525 11,568 8,864 8,929 4,109
Data shown on this page is extracted directly from the company’s documents. S&P 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, S&P, as always, stands by its commitment to the quality of the data.
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