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Income Statement

 2017 Y2016 Y2015 Y2014 Y
Source Document12/31/201712/31/201712/31/201712/31/2016
(in thousands)    
Interest and dividend income 
Interest and fees on loans 76,70158,95345,34237,382
Interest on securities 7,1108,8958,8287,859
Dividends 7331,5964,0683,894
Other 2319463140
Total interest and dividend income 84,77569,53858,30149,275
Interest expense 
Interest on deposits 15,21510,4887,5275,750
Interest on borrowings 2,5232,0881,2171,148
Total interest expense 17,73812,5768,7446,898
Net interest and dividend income 67,03756,96249,55742,377
Provision for loan losses 2,0984,8854,0903,381
Net interest and dividend income, after provision for loan losses 64,93952,07745,46738,996
Noninterest income 
Net impairment losses recognized in earnings NANANA(307)
Deposit account fees 1,4181,3271,3141,313
Interchange and ATM fees 1,6091,5461,5111,397
Mortgage banking 3,6572,473282784
Loss on sale of purchased home equity portfolio (118)00NA
Loan level derivative fee income 2,7922,3712,120660
Gains (losses) on sales and calls of securities, net (94)1,2801,9682,822
Gains on trading assets, net NANANA25
Gain on exchange of investment in Northeast Retirement Services 5,94700NA
Bank-owned life insurance income 1,0631,0481,0311,006
Bank-owned life insurance death benefit gains 05060182
Pension curtailment gain NANANA1,304
Miscellaneous 8081,576453421
Total noninterest income 17,08212,1278,6799,607
Noninterest expense 
Salaries and employee benefits 31,27828,85322,57021,308
Occupancy and equipment 8,3937,3706,2675,305
Data processing 4,1493,4603,5102,989
Professional fees 2,2752,6382,6893,551
Advertising 1,9222,4232,4582,427
FDIC deposit insurance 8811,1259991,266
Directors' fees 1,5661,458644486
Amortization of core deposit intangible 8431,2251,6071,808
Charitable foundation contribution NANANA7,000
Other general and administrative 2,9993,1943,3383,268
Total noninterest expense 54,30651,74644,08249,408
Income before income taxes 27,71512,45810,064(805)
Provision for income taxes 11,2263,8052,837(622)
Net income 16,4898,6537,227(183)
Earnings per common share 
Basic 0.690.350.28NA
Diluted 0.670.350.28NA
Weighted average shares outstanding 
Basic 23,985,82224,420,40526,064,947NA
Diluted 24,482,41424,540,92926,069,589NA
Consolidated Statements of Comprehensive Income (Loss) 
Net income 16,4898,6537,227(183)
Other comprehensive income (loss) 
Securities available for sale 
Change in unrealized holding gains (losses) 3,2763,849(8,332)4,942
Reclassification adjustment for net (gains) losses realized in net income 94(1,235)(1,968)(2,515)
Reclassification of unrealized gains on securities transferred to held to maturity 00(666)0
Net unrealized gains (losses) 3,3702,614(10,966)2,427
Tax effect (1,147)(938)3,818(1,018)
Net-of-tax amount 2,2231,676(7,148)1,409
Securities held to maturity 
Reclassification of unrealized gains on securities transferred from available for sale 006660
Amortization of amounts previously recorded upon transfer from available for sale (87)(234)(95)0
Net change in unrealized gains (87)(234)5710
Tax effect 4883(197)0
Net-of-tax amount (39)(151)3740
Defined benefit pension plan 
Gains (losses) arising during the period 491(895)(1,610)(2,090)
Reclassification adjustment for losses recognized in net periodic benefit cost 297271110(70)
Net gains (losses) 788(624)(1,500)(2,160)
Tax effect (356)218509863
Net-of-tax amount 432(406)(991)(1,297)
Other comprehensive income (loss) 2,6161,119(7,765)112
Comprehensive income (loss) 19,1059,772(538)(71)

Data shown on this page is extracted directly from the company's documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.

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