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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest and dividend income:        
Loans $ 53,402 $ 54,577 $ 105,349 $ 107,148
Taxable investment securities 1,078 1,393 2,335 2,773
Non-taxable investment securities 752 928 1,600 2,017
Mortgage-backed securities 1,604 1,841 3,206 3,648
Federal funds sold and other 72 281 221 600
Total interest and dividend income 56,908 59,020 112,711 116,186
Interest expense:        
Deposits 4,435 6,301 9,338 12,951
Federal Home Loan Bank borrowings 3,747 4,261 7,692 8,653
Junior subordinated debentures 1,690 1,905 3,443 3,797
Repurchase agreements and other short-term borrowings 440 519 874 1,040
Total interest expense 10,312 12,986 21,347 26,441
Net interest income 46,596 46,034 91,364 89,745
Provision/ (Credit) for loan losses 1,700 (2,190) 5,700 11,160
Net interest income/(loss) after provision for loan losses 44,896 48,224 85,664 78,585
Fees and other income:        
Investment management and trust fees 15,484 16,337 30,722 32,420
Wealth advisory fees 9,183 8,616 18,419 17,049
Other banking fee income 984 1,287 2,000 2,520
Gain on repurchase of debt 715 1,838 1,594 1,838
Gain on sale of investments, net 839 167 853 586
Gain on sale of loans, net 430 1,125 851 1,511
Gain/(loss) on OREO, net 366 844 325 954
Other 8 438 699 2,230
Total fees and other income 28,009 30,652 55,463 59,108
Operating expense:        
Salaries and employee benefits 34,471 34,775 71,383 70,411
Occupancy and equipment 7,931 7,332 15,196 14,560
Professional services 3,021 5,284 5,960 10,427
Marketing and business development 1,779 1,863 3,108 3,297
Contract services and data processing 1,355 1,219 2,543 2,353
Amortization of intangibles 1,090 1,397 2,181 2,555
FDIC insurance 982 1,294 1,831 3,530
Restructuring expense 564 4,304 699 6,286
Other 4,142 3,442 8,061 7,552
Total operating expense 55,335 [1] 60,910 [1] 110,962 [1] 120,971 [1]
Income/(loss) before income taxes 17,570 17,966 30,165 16,722
Income tax expense/(benefit) 5,240 4,197 9,091 4,017
Net income/(loss) from continuing operations 12,330 13,769 21,074 12,705
Net income/(loss) from discontinued operations 2,590 1,553 4,144 3,216
Net income/ (loss) before attrubution to noncontrolling interests 14,920 15,322 25,218 15,921
Net income/ (loss) attributable to noncontrolling interests 759 777 1,552 1,525
Net income/ (loss) attributable to the Company 14,161 [2] 14,545 [2] 23,666 [2] 14,396 [2]
Adjustments to net income/(loss) attributable to the Company to arrive at net income/(loss) attributable to common shareholders 1,400 1,690 2,509 1,843
Net Income (Loss) Available to Common Shareholders, Basic $ 12,761 $ 12,855 $ 21,157 $ 12,553
Basic earnings/(loss) per share attributable to common shareholders:        
From continuing operations: $ 0.14 $ 0.15 $ 0.23 $ 0.13
From discontinued operations: $ 0.03 $ 0.02 $ 0.05 $ 0.04
Total attributable to common shareholders: $ 0.17 $ 0.17 $ 0.28 $ 0.17
Diluted earnings/(loss) per share attributable to common shareholders:        
From continuing operations: $ 0.14 $ 0.15 $ 0.22 $ 0.13
From discontinued operations: $ 0.03 $ 0.02 $ 0.05 $ 0.04
Total attributable to common shareholders: $ 0.17 $ 0.17 $ 0.28 $ 0.17
Common Stock [Member]
       
Basic earnings/(loss) per share attributable to common shareholders:        
Weighted Average Basic Common Shares Outstanding 75,803,973 75,194,687 75,718,949 74,934,058
Diluted earnings/(loss) per share attributable to common shareholders:        
Weighted average diluted common shares outstanding 76,505,092 [3] 75,353,179 [3] 76,433,107 [3] 75,212,649 [3]
[1] Non-interest expense for the three and six months ended June 30, 2012 includes $0.6 million and $0.7 million, respectively, of restructuring expense. Non-interest expense for the three and six months ended June 30, 2011 includes $4.3 million and $6.3 million, respectively, of restructuring expense. Restructuring expenses have been incurred in the Private Banking segment as well as at the Holding Company.
[2] Net income/ (loss) from discontinued operations for the three months ended June 30, 2012, and 2011 of $2.6 million, and $1.6 million, respectively, and for the six months ended June 30, 2012, and 2011, of $4.1 million and $3.2 million, respectively, are included in Holding Company and Eliminations in the calculation of net loss attributable to the Company.
[3] (2)The diluted EPS computations for the three and six months ended June 30, 2012 and 2011 do not assume the conversion, exercise, or contingent issuance of the following shares for these periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: For the three months ended June 30, For the six months ended June 30, 2012 2011 2012 2011Shares excluded due to anti-dilution (treasury method):(In thousands)Potential common shares from: Convertible trust preferred securities (a)1,268 1,707 1,268 1,707Total shares excluded due to anti-dilution1,268 1,707 1,268 1,707 For the three months ended June 30, For the six months ended June 30, 2012 2011 2012 2011Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):(In thousands)Potential common shares from: Options, restricted stock, or other dilutive securities (b)2,823 3,802 2,875 3,797Warrants (c)— 2,888 — 2,888Total shares excluded due to exercise price exceeding the average market price of common shares during the period2,823 6,690 2,875 6,685(a) If the effect of the conversion of the trust preferred securities would have been dilutive, interest expense, net of tax, related to the convertible trust preferred securities of $0.3 million and $0.4 million for the three months ended June 30, 2012 and 2011, respectively, and of $0.6 million and $0.9 million for the six months ended June 30, 2012 and 2011, respectively, would have been added back to net income/ (loss) attributable to common shareholders for diluted EPS computations for the periods presented.(b)Options to purchase shares of common stock, non-participating restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. Shares excluded from the diluted EPS computation are listed in the second table above for each respective period. (c)Certain warrants to purchase shares of common stock that were outstanding at period ends were not included in the computations of diluted EPS because the warrants' exercise price was greater than the average market price of the common shares during the respective period. Shares excluded from the diluted EPS computation are listed in the second table above for each respective period. See Part II. Item 8. "Financial Statements and Supplementary Data—Note 27: Subsequent Events" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 for a discussion of the 2012 repurchase of the Carlyle warrants and the Director's warrants.