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 Q2 YTD 6/30/2019 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 Q2 YTD 6/30/2019 USD

INTEREST INCOME

Interest and fees on loans 40,642 50,018 51,217 62,468 36,231
Interest on deposits with other banks 274 322 340 403 247
Interest on investment securities - taxable 958 1,366 2,658 3,580 1,647
Interest on tax exempt loans and securities 2,226 2,417 2,383 3,309 1,968
Total interest income 44,100 54,123 56,598 69,760 40,093

INTEREST EXPENSE

Interest on deposits 6,246 7,748 8,294 11,635 8,671
Interest on repurchase agreements 83 72 75 56 25
Interest on FHLB and other borrowings 692 1,086 1,690 4,259 2,324
Interest on subordinated debt 2,204 2,226 2,242 1,756 572
Total interest expense 9,225 11,132 12,301 17,706 11,592
NET INTEREST INCOME 34,875 42,991 44,297 52,054 28,501
Provision for loan losses 2,493 3,632 2,173 2,440 900
Net interest income after provision for loan losses 32,382 39,359 42,124 49,614 27,601

NONINTEREST INCOME

Service charges on deposit accounts 646 764 765 1,033 648
Income on bank owned life insurance 653 638 646 1,182 749
Interchange and debit card transaction fees 987 1,185 1,258 647 322
Mortgage fee income 29,472 35,673 37,149 32,337 16,534
Gain on sale of portfolio loans 1,413 1,042 538 198 178
Insurance and investment services income 338 420 563 716 323
(Loss) gain on sale of available-for-sale securities, net 130 1,082 731 327 (168)
(Loss) gain on sale of equity securities, net NA NA NA NA (7)
Gain on derivatives, net 675 1,467 (2,722) (278) 1,581
Commercial swap fee income 382 84 503 552 518
Holding gain (loss) on equity securities NA 0 0 590 13,767
Other operating income 259 850 1,275 1,336 707
Total noninterest income 34,955 43,205 40,706 38,640 35,152

NONINTEREST EXPENSES

Salary and employee benefits 36,073 45,225 44,108 46,224 25,014
Occupancy expense 3,390 3,686 4,084 4,234 2,351
Equipment depreciation and maintenance 2,013 2,452 3,005 3,239 1,758
Data processing and communications 4,010 4,964 5,116 3,741 1,957
Mortgage processing 3,158 3,355 3,207 3,551 1,525
Marketing, contributions, and sponsorships 1,352 1,253 1,179 1,141 508
Professional fees 3,232 2,720 3,143 3,559 1,709
Printing, postage, and supplies 762 767 988 762 307
Insurance, tax, and assessment expense 1,394 1,528 1,797 1,846 992
Travel, entertainment, dues, and subscriptions 1,579 1,725 2,221 2,808 1,594
Other operating expenses 885 1,534 1,652 1,773 1,123
Total noninterest expense 57,848 69,209 70,500 72,878 38,838
Income from continuing operations, before income taxes 9,489 13,355 12,330 15,376 23,915
Income tax expense - continuing operations 2,886 4,378 4,755 3,373 5,792
Net income from continuing operations 6,603 8,977 7,575 12,003 18,123
Income from discontinued operations, before income taxes 353 6,346 0 0 600
Income tax expense - discontinued operations 140 2,411 0 0 154
Net income from discontinued operations 213 3,935 0 0 446
Net income 6,816 12,912 7,575 12,003 18,569
Preferred dividends 575 1,128 498 489 243
Net income available to common shareholders 6,241 11,784 7,077 11,514 18,326
Earnings per share from continuing operations - basic 0.75 0.96 0.69 1.04 1.54
Earnings per share from discontinued operations - basic 0.03 0.48 0 0 0.04
Earnings per share - basic 0.78 1.44 0.69 1.04 1.58
Earnings per share from continuing operations - diluted 0.74 0.92 0.68 1.00 1.41
Earnings per share from discontinued operations - diluted 0.03 0.39 0 0 0.03
Earnings per share - diluted 0.77 1.31 0.68 1.00 1.44
Cash dividends declared - common shares 0.08 0.08 0.10 0.11 0.08
Weighted average shares outstanding - basic 8,014,316 8,212,021 10,308,738 11,030,984 11,625,903
Weighted average shares outstanding - diluted 8,140,116 10,068,733 10,440,228 12,722,003 13,139,612

Consolidated Statements of Comprehensive Income

Net Income 6,816 12,912 7,575 12,003 18,569

Other comprehensive income (loss)

Unrealized holding gains (losses) on securities available-for-sale 202 (2,802) 3,387 (4,167) 6,550
Unrealized holding gains during the year related to reclassified held-to-maturity securities 0 1,825 0 0 NA
Income tax effect of Unrealized holding gains (losses) on securities available-for-sale (81) 391 (1,355) 1,125 (1,769)
Reclassification adjustment for loss (gain) recognized in income (130) (813) (731) (327) 168
Reclassification adjustment for gain recognized in income related to reclassified held-to-maturity securities 0 (269) 0 0 NA
Income tax effect of Reclassification adjustment for loss (gain) recognized in income 52 433 292 88 (45)
Change in defined benefit pension plan (556) (181) (507) 284 (712)
Income tax effect of Change in defined benefit pension plan 222 72 203 (77) 192
Carrying value adjustment - investment hedge NA NA NA NA (126)
Income tax effect of Carrying value adjustment - investment hedge NA NA NA NA 34
Total other comprehensive income (loss) (291) (1,344) 1,289 (3,074) 4,292
Comprehensive income 6,525 11,568 8,864 8,929 22,861
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.
Copyright 2019, © S&P Global Market Intelligence  Terms of Use