As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD

INTEREST INCOME

Interest and fees on loans 23,727 31,949 40,642 50,018
Interest on deposits with other banks 200 223 274 322
Interest on investment securities - taxable 1,348 1,272 958 1,366
Interest on tax exempt loans and securities 2,240 2,724 2,226 2,417
Total interest income 27,515 36,168 44,100 54,123

INTEREST EXPENSE

Interest on deposits 3,999 5,563 6,246 7,748
Interest on repurchase agreements 567 291 83 72
Interest on FHLB and other borrowings 542 515 692 1,086
Interest on subordinated debt 79 1,142 2,204 2,226
Total interest expense 5,187 7,511 9,225 11,132
NET INTEREST INCOME 22,328 28,657 34,875 42,991
Provision for loan losses 2,260 2,582 2,493 3,632
Net interest income after provision for loan losses 20,068 26,075 32,382 39,359

NONINTEREST INCOME

Service charges on deposit accounts 673 677 646 764
Income on bank owned life insurance 460 588 653 638
Visa debit card and interchange income 641 778 987 1,185
Mortgage fee income 20,801 17,557 29,472 35,673
Gain on sale of portfolio loans 2,218 1,550 1,413 1,042
Insurance and investment services income 1,862 328 338 420
Gain on sale of securities 145 413 130 1,082
Gain (loss) on derivatives 59 (2) 675 1,467
Gain on sale of subsidiary 626 NA NA NA
Other operating income 83 133 641 934
Total noninterest income 27,568 22,022 34,955 43,205

NONINTEREST EXPENSES

Salary and employee benefits 27,067 27,774 36,073 45,225
Occupancy expense 1,838 2,704 3,390 3,686
Equipment depreciation and maintenance 1,257 1,479 2,013 2,452
Data processing and communications 2,324 2,768 4,010 4,964
Mortgage processing 2,407 2,514 3,158 3,355
Marketing, contributions and sponsorships 1,465 1,137 1,352 1,253
Professional fees 1,977 2,237 3,232 2,720
Printing, postage and supplies 788 709 762 767
Insurance, tax and assessment expense 847 1,478 1,394 1,528
Travel, entertainment, dues and subscriptions 1,244 1,299 1,579 1,725
Other operating expenses 1,419 1,095 885 1,534
Total noninterest expense 42,633 45,194 57,848 69,209
Income from continuing operations, before income taxes 5,003 2,903 9,489 13,355
Income tax expense - continuing operations 983 248 2,886 4,378
Net Income from continuing operations NA 2,655 6,603 8,977
Income (loss) from discontinued operations, before income taxes NA (920) 353 6,346
Income tax expense (benefit) - discontinued operations NA (344) 140 2,411
Net Income (loss) from discontinued operations NA (576) 213 3,935
Net Income 4,020 2,079 6,816 12,912
Preferred dividends 85 332 575 1,128
Net Income available to common shareholders 3,935 1,747 6,241 11,784
Earnings per share from continuing operations - basic NA 0.29 0.75 0.96
Earnings per share from discontinued operations - basic NA (0.07) 0.03 0.48
Earnings per common shareholder - basic 0.59 0.22 0.78 1.44
Earnings per share from continuing operations - diluted NA 0.29 0.74 0.92
Earnings per share from discontinued operations - diluted NA (0.07) 0.03 0.39
Earnings per common shareholder - diluted 0.57 0.22 0.77 1.31
Cash dividends declared NA 0.08 0.08 0.08
Weighted average shares outstanding - basic 6,657,093 7,905,468 8,014,316 8,212,021
Weighted average shares outstanding - diluted 6,939,028 8,102,117 8,140,116 10,068,733

Consolidated Statements of Comprehensive Income

Net Income 4,020 2,079 6,816 12,912

Other comprehensive income (loss)

Unrealized holding gains (losses) on securities available-for-sale (2,714) 2,196 202 (2,802)
Unrealized holding gains during the year related to reclassified held-to-maturity securities NA 0 0 1,825
Unrealized holding gains (losses) on securities - Income tax effect 1,086 (878) (81) 391
Reclassification adjustment for gain recognized in income (145) (413) (130) (813)
Reclassification adjustment for gain recognized in income related to reclassified held-to-maturity securities NA 0 0 (269)
Reclassification adjustment for gain recognized in income - Income tax effect 58 165 52 433
Change in defined benefit pension plan 417 (1,252) (556) (181)
Change in defined benefit pension plan - Income tax effect (168) 501 222 72
Total other comprehensive income (loss) (1,466) 319 (291) (1,344)
Comprehensive income 2,554 2,398 6,525 11,568
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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