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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 Q1 YTD 3/31/2019 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 Q1 YTD 3/31/2019 USD

Interest income

Loans 96,417 106,564 117,633 158,691 41,619
Investment securities - taxable 1,587 1,057 939 417 28
Investment securities - tax-exempt 22,468 22,654 24,529 24,960 4,118
Mortgage-backed securities 33,661 37,450 41,361 41,584 12,474
FHLB stock and equity investments 298 798 1,306 1,595 355
Other interest earning assets 101 390 1,706 1,918 433
Total interest income 154,532 168,913 187,474 229,165 59,027

Interest expense

Deposits 10,162 14,255 20,736 35,864 11,241
FHLB borrowings 8,234 11,751 15,106 12,813 4,457
Subordinated notes 0 1,628 5,633 5,659 1,400
Trust preferred subordinated debentures 1,455 1,706 2,013 2,610 729
Other borrowings 3 8 16 155 75
Total interest expense 19,854 29,348 43,504 57,101 17,902
Net interest income 134,678 139,565 143,970 172,064 41,125
Provision for loan losses 8,343 9,780 4,675 8,437 (918)
Net interest income after provision for loan losses 126,335 129,785 139,295 163,627 42,043

Noninterest income

Deposit services 20,112 20,702 21,785 25,082 5,986
Net gain (loss) on sale of securities available for sale 3,660 2,836 625 (1,839) 256
Gain on sale of loans 2,082 2,795 1,821 692 93
Trust income 3,419 3,491 3,818 6,832 1,541
Bank owned life insurance income 2,623 2,626 2,537 2,923 544
Brokerage services 2,206 2,127 2,422 1,987 517
Other 3,793 4,834 4,465 5,096 601
Total noninterest income 37,895 39,411 37,473 40,773 9,538

Noninterest expense

Salaries and employee benefits 62,945 61,628 60,779 70,643 18,046
Net occupancy expense 12,883 13,722 12,068 13,814 3,175
Acquisition expense 5,473 0 4,352 2,413 0
Advertising, travel & entertainment 2,678 2,643 2,219 2,894 847
ATM expense 3,054 3,136 3,889 1,090 180
Professional fees 3,735 4,946 3,844 4,035 1,314
Software and data processing expense 3,440 2,911 3,027 3,996 1,076
Telephone and communications 1,978 1,931 1,905 1,847 487
FDIC insurance 2,510 2,141 1,769 1,871 422
Amortization expense on intangibles 2,296 1,940 1,955 5,213 1,179
Other 11,962 14,524 10,528 12,283 2,901
Total noninterest expense 112,954 109,522 106,335 120,099 29,627

Income before income tax expense

Income before income tax expense 51,276 59,674 70,433 84,301 21,954
Income tax expense 7,279 10,325 16,121 10,163 3,137
Net income 43,997 49,349 54,312 74,138 18,817
Earnings per common share - basic 1.61 1.82 1.82 2.12 0.56
Earnings per common share - diluted 1.61 1.81 1.81 2.11 0.56
Cash dividends paid per common share 1.00 1.01 1.11 1.20 0.30

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income 43,997 49,349 54,312 74,138 18,817

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) 46,626
Unrealized net gain on securities transferred from held to maturity to available for sale under the transition guidance enumerated in ASU 2017-12 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 1,244 491
Reclassification adjustment for net (gain) loss on sale of available for sale securities, included in net income (3,660) (2,836) (625) 1,839 (256)
Derivatives
Change in net unrealized (loss) gain on effective cash flow hedge interest rate swap derivatives 0 5,255 3 2,351 (3,120)
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) (668)
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 2,182 541
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) 43,614
Income tax (expense) benefit related to items of other comprehensive income (loss) 1,676 10,667 (5,374) 3,703 (9,159)
Other comprehensive income (loss), net of tax (3,113) (19,810) 7,898 (13,930) 34,455
Comprehensive income 40,884 29,539 62,210 60,208 53,272
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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