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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Interest and dividend income:    
Loans $ 50,046 $ 48,000
Taxable investment securities 1,594 995
Non-taxable investment securities 1,390 1,021
Mortgage-backed securities 3,065 2,614
Federal funds sold and other 507 234
Total interest and dividend income 56,602 52,864
Interest expense:    
Deposits 4,182 3,892
Federal Home Loan Bank borrowings 1,953 1,931
Junior subordinated debentures 578 956
Repurchase agreements and other short-term borrowings 10 13
Total interest expense 6,723 6,792
Net interest income 49,879 46,072
Provision/ (credit) for loan losses (3,133) (2,500)
Net interest income after provision/ (credit) for loan losses 53,012 48,572
Fees and other income:    
Investment management fees 10,658 11,714
Wealth advisory fees 12,712 12,675
Wealth management and trust fees 10,916 13,558
Other banking fee income 3,233 1,910
Gain on sale of loans, net 209 303
Gain on sale of investments, net 1 8
Gain/ (loss) on OREO, net 280 89
Other 13 1,088
Total fees and other income 38,022 41,345
Operating expense:    
Salaries and employee benefits 42,560 42,127
Occupancy and equipment 9,587 9,035
Professional services 3,515 3,021
Marketing and business development 2,170 1,348
Contract services and data processing 1,679 1,437
Amortization of intangibles 1,586 1,602
FDIC insurance 1,020 1,011
Restructuring 1,112 0
Other 3,480 3,846
Total operating expense 66,709 63,427
Income before income taxes 24,325 26,490
Income tax expense 7,438 8,572
Net income from continuing operations 16,887 17,918
Net income from discontinued operations [1] 2,065 2,094
Net income before attrubution to noncontrolling interests 18,952 20,012
Less: Net income attributable to noncontrolling interests 911 1,229
Net income attributable to the Company 18,041 18,783
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (4) (43)
Other Preferred Stock Dividends and Adjustments [1] (289) (963)
Net income attributable to common shareholders for earnings per share calculation [1] $ 17,752 $ 17,820
Basic earnings per share attributable to common shareholders:    
From continuing operations: $ 0.19 $ 0.19
From discontinued operations: 0.03 0.03
Total attributable to common shareholders: 0.22 0.22
Diluted earnings per share attributable to common shareholders:    
From continuing operations: 0.19 0.19
From discontinued operations: 0.02 0.02
Total attributable to common shareholders: $ 0.21 $ 0.21
Common Stock [Member]    
Basic earnings per share attributable to common shareholders:    
Weighted average basic common shares outstanding 81,301,499 80,514,359
Diluted earnings per share attributable to common shareholders:    
Weighted average diluted common shares outstanding [1],[2] 83,455,763 82,935,928
Wealth Management and Trust Segment [Member]    
Fees and other income:    
Total fees and other income $ 11,056 $ 13,957
Operating expense:    
Amortization of intangibles 745 571
Total operating expense [3] 15,852 12,331
Income before income taxes (4,796) 1,626
Income tax expense (1,939) 694
Net income from continuing operations (2,857) 932
Net income attributable to the Company $ (2,857) $ 932
[1] The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change.
[2] The diluted EPS computations for the three months ended March 31, 2016 and 2015 do not assume the conversion, exercise, or contingent issuance of the following shares for the following 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: Three months ended March 31,(In thousands)2016 2015Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): Potential common shares from: Stock options, restricted stock, or other dilutive securities387 660Total shares excluded due to exercise price exceeding the average market price of common shares during the period387 660
[3] Operating expense for 2016 includes $1.1 million in restructuring expenses related to the Wealth Management and Trust segment. Operating expense for 2015 includes no restructuring expenses.