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As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

Interest income

Loans 70,598 96,417 106,564 117,633 117,962
Investment securities - taxable 615 1,587 1,057 939 314
Investment securities - tax-exempt 24,038 22,468 22,654 24,529 19,065
Mortgage-backed securities 28,207 33,661 37,450 41,361 31,190
FHLB stock and equity investments 181 298 798 1,306 1,202
Other interest earning assets 139 101 390 1,706 1,410
Total interest income 123,778 154,532 168,913 187,474 171,143

Interest expense

Deposits 7,953 10,162 14,255 20,736 25,529
Short-term obligations 624 NA NA NA NA
Long-term obligations 8,379 NA NA NA NA
FHLB borrowings NA 8,234 11,751 15,106 9,747
Subordinated notes NA 0 1,628 5,633 4,228
Trust preferred subordinated debentures NA 1,455 1,706 2,013 1,911
Other borrowings NA 3 8 16 74
Total interest expense 16,956 19,854 29,348 43,504 41,489
Net interest income 106,822 134,678 139,565 143,970 129,654
Provision for loan losses 14,938 8,343 9,780 4,675 5,991
Net interest income after provision for loan losses 91,884 126,335 129,785 139,295 123,663

Noninterest income

Deposit services 15,280 20,112 20,702 21,785 18,757
Net (loss) gain on sale of securities available for sale 2,830 3,660 2,836 625 (1,900)
Impairment of investment in SFG Finance, LLC (2,755) NA NA NA NA
Gain on sale of loans 323 2,082 2,795 1,821 591
Trust income 3,145 3,419 3,491 3,818 5,259
Bank owned life insurance income 1,334 2,623 2,626 2,537 2,369
Brokerage services 1,308 2,206 2,127 2,422 1,488
Other 3,024 3,793 4,834 4,465 4,075
Total noninterest income 24,489 37,895 39,411 37,473 30,639

Noninterest expense

Salaries and employee benefits 60,821 62,945 63,978 60,475 52,820
Occupancy expense 7,259 12,883 13,722 12,068 10,339
Acquisition expense NA 5,473 0 4,352 2,295
Advertising, travel & entertainment 2,219 2,678 2,643 2,219 2,108
ATM and debit card expense 1,331 3,054 3,136 3,889 840
Professional fees 7,827 3,735 4,946 3,844 2,846
Software and data processing expense 4,629 3,440 2,911 3,027 2,939
Telephone and communications 1,222 1,978 1,931 1,905 1,370
FDIC insurance 1,765 2,510 2,141 1,769 1,416
FHLB prepayment fees 539 NA NA NA NA
Amortization expense on intangibles NA 2,296 1,940 1,955 3,985
Other 10,092 11,962 12,174 10,832 8,945
Total noninterest expense 97,704 112,954 109,522 106,335 89,903

Income before income tax expense

Income before income tax expense 18,669 51,276 59,674 70,433 64,399
Income tax expense (2,164) 7,279 10,325 16,121 7,642
Net income 20,833 43,997 49,349 54,312 56,757
Earnings per common share - basic 0.99 1.61 1.82 1.82 1.62
Earnings per common share - diluted 0.99 1.61 1.81 1.81 1.61
Dividends paid per common share 0.96 1.00 1.01 1.11 0.88

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 20,833 43,997 49,349 54,312 56,757

Other comprehensive (loss) income

Securities available for sale and transferred securities

Change in net unrealized holding (losses) gains on available for sale securities during the period 24,338 (8,564) (23,459) 15,217 (65,039)
Unrealized net gain on securities transferred from held to maturity to available for sale under the transition guidance enumerated in ASU 2017-12 NA NA NA NA 11,881
Change in net unrealized losses on securities transferred from held to maturity to available for sale 0 1,329 (10,240) 0 401
Reclassification adjustment for net loss on equity investments, reclassified to retained earnings with adoption of ASU 2016-01 NA NA NA NA 107
Reclassification adjustment for amortization related to available for sale and held to maturity debt securities 1,405 930 429 1,255 729
Reclassification adjustment for net loss (gain) on sale of available for sale securities, included in net income (2,830) (3,660) (2,836) (625) 1,900

Derivatives

Change in net unrealized gain (loss) on effective cash flow hedge interest rate swap derivatives 0 0 5,255 3 7,864
Change in net unrealized gains on interest rate swap derivatives terminated during the period NA 0 0 273 0
Reclassification adjustment for net loss on interest rate swap derivatives, included in net income 0 0 1,815 828 NA
Reclassification adjustment for amortization of unrealized gains on terminated interest rate swap derivatives NA 0 0 (74) NA
Reclassification adjustment from other comprehensive income (loss) related to derivatives designated as cash flow hedge NA NA NA NA (864)

Pension plans

Amortization of net actuarial loss, included in net periodic benefit cost 1,042 2,448 1,828 1,613 NA
Amortization of net actuarial loss and prior service credit, included in net periodic benefit cost (14) (16) (8) (8) 1,637
Effect of settlement recognition 0 (62) (8) 8 NA
Prior service cost adjustment due to plan amendments 43 0 (121) 0 NA
Change in net actuarial (loss) gain (15,574) 2,806 (3,132) (5,218) NA
Other comprehensive (loss) income, before tax 8,410 (4,789) (30,477) 13,272 (41,384)
Income tax benefit (expense) related to items of other comprehensive income (loss) (2,943) 1,676 10,667 (5,374) 8,691
Other comprehensive (loss) income, net of tax 5,467 (3,113) (19,810) 7,898 (32,693)
Comprehensive income 26,300 40,884 29,539 62,210 24,064
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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