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
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

Consolidated Statements of Income

INTEREST INCOME

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

INTEREST EXPENSE

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

NONINTEREST INCOME

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

NONINTEREST EXPENSES

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

Consolidated Statements of Comprehensive Income

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

Other comprehensive income (loss)

Unrealized holding gains (losses) on securities available-for-sale 202 (2,802) 3,387 (4,167)
Unrealized holding gains during the year related to reclassified held-to-maturity securities 0 1,825 0 0
Income tax effect (81) 391 (1,355) 1,125
Reclassification adjustment for gain recognized in income (130) (813) (731) (327)
Reclassification adjustment for gain recognized in income related to reclassified held-to-maturity securities 0 (269) 0 0
Reclassification adjustment for gain recognized in income related to reclassified held-to-maturity securities Income tax effect 52 433 292 88
Change in defined benefit pension plan (556) (181) (507) 284
Change in defined benefit pension planIncome tax effect 222 72 203 (77)
Total other comprehensive income (loss) (291) (1,344) 1,289 (3,074)
Comprehensive income 6,525 11,568 8,864 8,929
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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