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Consolidated Statement of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Interest and dividend income:      
Loans $ 191,594 $ 209,280 $ 212,047
Taxable investment securities 2,071 3,875 5,561
Non-taxable investment securities 3,113 3,228 3,768
Mortgage-backed securities 5,441 6,186 7,297
Federal funds sold and other 955 719 1,069
Total interest and dividend income 203,174 223,288 229,742
Interest expense:      
Deposits 13,395 17,640 24,479
Federal Home Loan Bank borrowings 10,963 14,488 16,915
Junior subordinated debentures 4,408 6,258 7,434
Repurchase agreements and other short-term borrowings 390 1,626 1,960
Total interest expense 29,156 40,012 50,788
Net interest income 174,018 183,276 178,954
Provision/ (credit) for loan losses (10,000) (3,300) 13,160
Net interest income after provision for loan losses 184,018 186,576 165,794
Fees and other income:      
Investment management and trust fees 43,816 39,163 39,803
Wealth advisory fees 42,352 37,659 34,553
Private banking wealth management and trust fees 26,550 23,645 23,553
Other banking fee income 7,460 5,664 6,503
Gain on sale of loans, net 2,519 3,225 2,489
Gain on repurchase of debt 620 3,444 4,230
Gain on sale of investments, net 49 871 798
Gain/(loss) on OREO, net (13) 845 5,372
Gain on sale of Pacific Northwest offices 10,574 0 0
Other 2,414 450 1,610
Total fees and other income 136,341 114,966 118,911
Operating expense:      
Salaries and employee benefits 140,761 143,852 142,872
Occupancy and equipment 29,806 30,790 29,649
Professional services 12,109 13,113 16,810
Marketing and business development 7,199 7,422 6,802
Contract services and data processing 5,827 5,380 4,644
Amortization of intangibles 4,327 4,369 4,800
FDIC insurance 3,700 3,972 6,139
Restructuring expense 0 5,911 8,055
Other 17,631 17,645 14,553
Total operating expense 221,360 232,454 234,324 [1]
Income before income taxes 98,999 69,088 50,381
Income tax expense 32,308 [2] 20,330 [2] 14,280 [2]
Net income from continuing operations 66,691 48,758 36,101
Net income from discontinued operations 7,792 7,635 6,184
Net income before attrubution to noncontrolling interests 74,483 56,393 42,285
Less: Net income attributable to noncontrolling interests 3,948 3,122 3,148
Net income attributable to the Company 70,535 53,271 39,137
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (16,636) (6,101) (4,701)
Net income attributable to common shareholders for basic earnings per share calculation $ 53,899 $ 47,170 $ 34,436
Basic earnings per share attributable to common shareholders:      
From continuing operations: $ 0.60 $ 0.53 $ 0.39
From discontinued operations: $ 0.10 $ 0.09 $ 0.07
Total attributable to common shareholders: $ 0.70 $ 0.62 $ 0.46
Diluted earnings per share attributable to common shareholders:      
From continuing operations: $ 0.59 $ 0.52 $ 0.39
From discontinued operations: $ 0.09 $ 0.09 $ 0.07
Total attributable to common shareholders: $ 0.68 $ 0.61 $ 0.46
Common Stock [Member]
     
Basic earnings per share attributable to common shareholders:      
Weighted average basic common shares outstanding 77,373,817 76,019,991 75,169,611
Diluted earnings per share attributable to common shareholders:      
Weighted average diluted common shares outstanding 78,753,524 [3] 76,973,516 [3] 75,481,028 [3]
[1] Non-interest expense for 2013 includes no restructuring expenses. Non-interest expense for 2012 includes $5.9 million of restructuring expenses; restructuring expenses incurred by the Private Banking segment amounted to $4.0 million, with the remaining $1.9 million incurred by the Holding Company. Non-interest expense for 2011 includes $8.1 million of restructuring expenses; restructuring expenses incurred by the Private Banking segment amounted to $5.5 million, with the remaining $2.6 million incurred by the Holding Company.
[2] The Company’s effective tax rate for 2013, 2012, and 2011 are not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2013, 2012, and 2011. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details.
[3] The diluted EPS computations for the years ended December 31, 2013, 2012, and 2011 do not assume the conversion, exercise or contingent issuance of the following shares for the following periods because the result would have been antidilutive 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 year ended December 31, 2013 2012 2011Shares excluded due to anti-dilution (treasury method):(In thousands)Potential common shares from: Convertible trust preferred securities (a)1 323 1,504Total shares excluded due to anti-dilution1 323 1,504 For the year ended December 31, 2013 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)1,399 2,101 3,845Warrants (c)— — 2,888Total shares excluded due to exercise price exceeding the average market price of common shares during the period1,399 2,101 6,733(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 $0.9 million and $1.6 million for the years ended December 31, 2012 and 2011, respectively, would have been added back to net income attributable to common shareholders for diluted EPS computations for the periods presented. An immaterial amount would have been added back for the year ended December 31, 2013.(b)Options to purchase shares of common stock, non-participating (performance-based) 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. (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.