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Consolidated Statement of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest and dividend income:      
Loans $ 192,184 $ 191,658 $ 191,594
Taxable investment securities 4,403 3,162 2,056
Non-taxable investment securities 4,758 3,738 3,113
Mortgage-backed securities 10,933 6,925 5,441
Federal funds sold and other 1,390 1,359 970
Total interest and dividend income 213,668 206,842 203,174
Interest expense:      
Deposits 16,002 14,102 13,395
Federal Home Loan Bank borrowings 7,959 9,108 10,963
Junior subordinated debentures 3,875 3,872 4,408
Repurchase agreements and other short-term borrowings 62 59 390
Total interest expense 27,898 27,141 29,156
Net interest income 185,770 179,701 174,018
Provision/ (credit) for loan losses (1,555) (6,400) (10,000)
Net interest income after provision for loan losses 187,325 186,101 184,018
Fees and other income:      
Investment management fees 45,694 47,123 43,816
Wealth advisory fees 50,437 48,082 42,352
Wealth management and trust fees 51,309 34,582 26,547
Other banking fee income 8,440 7,033 7,463
Gain on sale of loans, net 1,207 2,158 2,519
Gain on repurchase of debt 0 0 620
Gain/ (loss) on sale of investments, net 236 (7) 49
Gain/ (loss) on OREO, net 124 957 (13)
Gain on sale of Pacific Northwest offices 0 0 10,574
Other 3,722 870 2,414
Total fees and other income 161,169 140,798 136,341
Operating expense:      
Salaries and employee benefits 159,401 146,648 140,761
Occupancy and equipment 37,183 31,041 29,822
Professional services 12,861 12,473 12,109
Marketing and business development 9,063 7,989 7,094
Contract services and data processing 6,037 5,816 5,827
Amortization of intangibles 6,711 4,836 4,327
FDIC insurance 3,979 3,459 3,700
Restructuring expense 3,724 739 0
Other 16,222 14,128 17,065
Total operating expense 255,181 227,129 220,705
Income before income taxes 93,313 99,770 99,654
Income tax expense [1] 30,392 32,365 32,963
Net income from continuing operations 62,921 67,405 66,691
Net income from discontinued operations 6,411 6,160 7,792
Net income before attrubution to noncontrolling interests 69,332 73,565 74,483
Less: Net income attributable to noncontrolling interests 4,407 4,750 3,948
Net income attributable to the Company 64,925 68,815 70,535
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders 3,194 4,563 16,636
Net income attributable to common shareholders for basic earnings per share calculation $ 61,731 $ 64,252 $ 53,899
Basic earnings per share attributable to common shareholders:      
From continuing operations: $ 0.68 $ 0.73 $ 0.60
From discontinued operations: 0.08 0.08 0.10
Total attributable to common shareholders: 0.76 0.81 0.70
Diluted earnings per share attributable to common shareholders:      
From continuing operations: 0.66 0.72 0.59
From discontinued operations: 0.08 0.07 0.09
Total attributable to common shareholders: $ 0.74 $ 0.79 $ 0.68
Common Stock [Member]      
Basic earnings per share attributable to common shareholders:      
Weighted average basic common shares outstanding 80,885,253 78,921,480 77,373,817
Diluted earnings per share attributable to common shareholders:      
Weighted average diluted common shares outstanding [2] 83,225,153 80,879,231 78,753,524
[1] The Company’s effective tax rate for 2015, 2014, and 2013 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 2015, 2014, and 2013. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details.
[2] The diluted EPS computations for the years ended December 31, 2015, 2014, and 2013 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, 2015 2014 2013Shares excluded due to anti-dilution (treasury method):(In thousands)Potential common shares from: Convertible trust preferred securities (a)1 1 1Total shares excluded due to anti-dilution1 1 1 For the year ended December 31, 2015 2014 2013Shares 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)548 829 1,399Total shares excluded due to exercise price exceeding the average market price of common shares during the period548 829 1,399(a) If the effect of the conversion of the trust preferred securities would have been dilutive, an immaterial amount of interest expense, net of tax, related to the convertible trust preferred securities would have been added back to net income attributable to common shareholders for the diluted EPS computation for the years presented.(b)Options to purchase shares of common stock, non-participating performance- and certain time-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.