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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 Q1 YTD 3/31/2018 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 Q1 YTD 3/31/2018 USD

Interest income

Loans 70,598 96,417 106,564 117,633 38,830
Investment securities - taxable 615 1,587 1,057 939 227
Investment securities - tax-exempt 24,038 22,468 22,654 24,529 6,381
Mortgage-backed securities 28,207 33,661 37,450 41,361 10,894
FHLB stock and equity investments 181 298 798 1,306 414
Other interest earning assets 139 101 390 1,706 448
Total interest income 123,778 154,532 168,913 187,474 57,194

Interest expense

Deposits 7,953 10,162 14,255 20,736 7,451
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 3,632
Subordinated notes NA 0 1,628 5,633 1,398
Trust preferred subordinated debentures NA 1,455 1,706 2,013 569
Other borrowings NA 3 8 16 11
Total interest expense 16,956 19,854 29,348 43,504 13,061
Net interest income 106,822 134,678 139,565 143,970 44,133
Provision for loan losses 14,938 8,343 9,780 4,675 3,735
Net interest income after provision for loan losses 91,884 126,335 129,785 139,295 40,398

Noninterest income

Deposit services 15,280 20,112 20,702 21,785 6,179
Net (loss) gain on sale of securities available for sale 2,830 3,660 2,836 625 (827)
Impairment of investment in SFG Finance, LLC (2,755) NA NA NA NA
Gain on sale of loans 323 2,082 2,795 1,821 115
Trust income 3,145 3,419 3,491 3,818 1,760
Bank owned life insurance income 1,334 2,623 2,626 2,537 632
Brokerage services 1,308 2,206 2,127 2,422 450
Other 3,024 3,793 4,834 4,465 1,301
Total noninterest income 24,489 37,895 39,411 37,473 9,610

Noninterest expense

Salaries and employee benefits 60,821 62,945 63,978 60,475 18,559
Occupancy expense 7,259 12,883 13,722 12,068 3,583
Acquisition expense NA 5,473 0 4,352 832
Advertising, travel & entertainment 2,219 2,678 2,643 2,219 685
ATM and debit card expense 1,331 3,054 3,136 3,889 346
Professional fees 7,827 3,735 4,946 3,844 1,070
Software and data processing expense 4,629 3,440 2,911 3,027 1,023
Telephone and communications 1,222 1,978 1,931 1,905 538
FDIC insurance 1,765 2,510 2,141 1,769 497
FHLB prepayment fees 539 NA NA NA NA
Amortization expense on intangibles NA 2,296 1,940 1,955 1,378
Other 10,092 11,962 12,174 10,832 3,156
Total noninterest expense 97,704 112,954 109,522 106,335 31,667

Income before income tax expense

Income before income tax expense 18,669 51,276 59,674 70,433 18,341
Income tax expense (2,164) 7,279 10,325 16,121 2,090
Net income 20,833 43,997 49,349 54,312 16,251
Earnings per common share - basic 0.99 1.61 1.82 1.82 0.46
Earnings per common share - diluted 0.99 1.61 1.81 1.81 0.46
Dividends paid per common share 0.96 1.00 1.01 1.11 0.28

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 20,833 43,997 49,349 54,312 16,251

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 (37,783)
Unrealized net gain on securities transferred from held to maturity to available for sale 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, reclassed to retained earnings NA NA NA NA 107
Reclassification adjustment for amortization related to available for sale and held to maturity debt securities 1,405 930 429 1,255 138
Reclassification adjustment for net loss (gain) on sale of available for sale securities, included in net income (2,830) (3,660) (2,836) (625) 827
Derivatives
Change in net unrealized gain (loss) on effective cash flow hedge interest rate swap derivatives 0 0 5,255 3 4,245
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 related to derivatives designated as cash flow hedge NA NA NA NA (127)
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) 473
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 (19,838)
Income tax benefit (expense) related to items of other comprehensive income (loss) (2,943) 1,676 10,667 (5,374) 4,166
Other comprehensive (loss) income, net of tax 5,467 (3,113) (19,810) 7,898 (15,672)
Comprehensive income 26,300 40,884 29,539 62,210 579
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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