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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

Loans 96,417 106,564 117,633 158,691 84,601
Taxable investment securities 1,587 1,057 939 417 55
Tax-exempt investment securities 22,468 22,654 24,529 24,960 7,645
Mortgage-backed securities 33,661 37,450 41,361 41,584 25,720
Federal Home Loan Bank stock and equity investments 298 798 1,306 1,595 795
Other interest earning assets 101 390 1,706 1,918 883
Total interest income 154,532 168,913 187,474 229,165 119,699

Interest expense

Deposits 10,162 14,255 20,736 35,864 22,698
Federal Home Loan Bank borrowings 8,234 11,751 15,106 12,813 8,356
Subordinated notes 0 1,628 5,633 5,659 2,810
Trust preferred subordinated debentures 1,455 1,706 2,013 2,610 1,447
Other borrowings 3 8 16 155 132
Total interest expense 19,854 29,348 43,504 57,101 35,443
Net interest income 134,678 139,565 143,970 172,064 84,256
Provision for loan losses 8,343 9,780 4,675 8,437 1,588
Net interest income after provision for loan losses 126,335 129,785 139,295 163,627 82,668

Noninterest income

Deposit services 20,112 20,702 21,785 25,082 12,638
Net gain (loss) on sale of securities available for sale 3,660 2,836 625 (1,839) 672
Gain on sale of loans 2,082 2,795 1,821 692 274
Trust fees 3,419 3,491 3,818 6,832 3,061
Bank owned life insurance 2,623 2,626 2,537 2,923 1,103
Brokerage services 2,206 2,127 2,422 1,987 994
Other 3,793 4,834 4,465 5,096 2,050
Total noninterest income 37,895 39,411 37,473 40,773 20,792

Noninterest expense

Salaries and employee benefits 62,945 61,628 60,779 70,643 35,937
Net occupancy 12,883 13,722 12,068 13,814 6,464
Acquisition expense 5,473 0 4,352 2,413 0
Advertising, travel & entertainment 2,678 2,643 2,219 2,894 1,580
ATM expense 3,054 3,136 3,889 1,090 426
Professional fees 3,735 4,946 3,844 4,035 2,383
Software and data processing 3,440 2,911 3,027 3,996 2,162
Communications 1,978 1,931 1,905 1,847 976
FDIC insurance 2,510 2,141 1,769 1,871 859
Amortization of intangibles 2,296 1,940 1,955 5,213 2,308
Other 11,962 14,524 10,528 12,283 6,232
Total noninterest expense 112,954 109,522 106,335 120,099 59,327

Income before income tax expense

Income before income tax expense 51,276 59,674 70,433 84,301 44,133
Income tax expense 7,279 10,325 16,121 10,163 6,706
Net income 43,997 49,349 54,312 74,138 37,427
Earnings per common share - basic 1.61 1.82 1.82 2.12 1.11
Earnings per common share - diluted 1.61 1.81 1.81 2.11 1.11
Cash dividends paid per common share 1.00 1.01 1.11 1.20 0.61

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 43,997 49,349 54,312 74,138 37,427

Other comprehensive income (loss)

Securities available for sale and transferred securities
Change in unrealized holding gain (loss) on available for sale securities during the period (8,564) (23,459) 15,217 (34,238) 78,822
Unrealized net gain on securities transferred from held to maturity to available for sale NA 0 0 11,881 0
Change in net unrealized loss on securities transferred from held to maturity to available for sale NA 0 0 401 0
Change in net unrealized loss on securities transferred to held to maturity 1,329 (10,240) 0 0 NA
Reclassification adjustment for net loss on equity investments, reclassified to retained earnings with adoption of ASU 2016-01 NA 0 0 107 NA
Reclassification adjustment for amortization related to available for sale and held to maturity debt securities 930 429 1,255 1,244 571
Reclassification adjustment for net (gain) loss on sale of available for sale securities, included in net income (3,660) (2,836) (625) 1,839 (672)
Derivatives
Change in net unrealized (loss) gain on effective cash flow hedge interest rate swap derivatives 0 5,255 3 2,351 (8,773)
Change in net unrealized gains on interest rate swap derivatives terminated during the period 0 0 273 0 NA
Reclassification adjustment for net loss on interest rate swap derivatives, included in net income 0 NA NA NA NA
Reclassification adjustment for amortization of unrealized gains on terminated interest rate swap derivatives 0 NA NA NA NA
Reclassification adjustment of net gain related to derivatives designated as cash flow hedge NA 1,815 754 (1,406) (1,310)
Pension plans
Amortization of net actuarial loss, included in net periodic benefit cost 2,448 NA NA NA NA
Amortization of net actuarial loss and prior service credit, included in net periodic benefit cost (16) 1,820 1,605 2,182 1,189
Effect of settlement recognition (62) (8) 8 0 NA
Prior service cost adjustment due to plan amendments 0 (121) 0 0 NA
Change in net actuarial loss 2,806 (3,132) (5,218) (1,994) NA
Other comprehensive income (loss), before tax (4,789) (30,477) 13,272 (17,633) 69,827
Income tax (expense) benefit related to items of other comprehensive income (loss) 1,676 10,667 (5,374) 3,703 (14,664)
Other comprehensive income (loss), net of tax (3,113) (19,810) 7,898 (13,930) 55,163
Comprehensive income 40,884 29,539 62,210 60,208 92,590
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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