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Consolidated Statement of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Interest and dividend income:      
Loans $ 201,349 $ 192,184 $ 191,658
Taxable investment securities 6,230 4,403 3,162
Non-taxable investment securities 5,754 4,758 3,738
Mortgage-backed securities 12,416 10,933 6,925
Federal funds sold and other 1,890 1,390 1,359
Total interest and dividend income 227,639 213,668 206,842
Interest expense:      
Deposits 16,571 16,002 14,102
Federal Home Loan Bank borrowings 8,008 7,959 9,108
Junior subordinated debentures 2,427 3,875 3,872
Repurchase agreements and other short-term borrowings 195 62 59
Total interest expense 27,201 27,898 27,141
Net interest income 200,438 185,770 179,701
Provision/ (credit) for loan losses (6,935) (1,555) (6,400)
Net interest income after provision for loan losses 207,373 187,325 186,101
Fees and other income:      
Investment management fees 44,410 45,694 47,123
Wealth advisory fees 50,581 50,437 48,082
Wealth management and trust fees 43,980 51,309 34,582
Other banking fee income 12,050 8,440 7,033
Gain on sale of loans, net 667 1,207 2,158
Gain/ (loss) on sale of investments, net 521 236 (7)
Gain/ (loss) on OREO, net 306 124 957
Gain on sale of offices 2,862 0 0
Other 3,410 3,722 870
Total fees and other income 158,787 161,169 140,798
Operating expense:      
Salaries and employee benefits 163,767 159,401 146,648
Occupancy and equipment 39,075 37,183 31,041
Professional services 11,576 12,861 12,473
Marketing and business development 7,626 9,063 7,989
Contract services and data processing 7,024 6,037 5,816
Amortization of intangibles 6,282 6,711 4,836
Impairment of goodwill 9,528 0 0
FDIC insurance 3,484 3,979 3,459
Restructuring 2,017 3,724 739
Other 14,574 16,222 14,128
Total operating expense 264,953 255,181 227,129
Income before income taxes 101,207 93,313 99,770
Income tax expense [1] 30,963 30,392 32,365
Net income from continuing operations 70,244 62,921 67,405
Net income from discontinued operations [2] 5,541 6,411 6,160
Net income before attrubution to noncontrolling interests 75,785 69,332 73,565
Less: Net income attributable to noncontrolling interests 4,157 4,407 4,750
Net income attributable to the Company 71,628 64,925 68,815
Other Preferred Stock Dividends and Adjustments (4,063) (3,011) (4,000)
Net income attributable to common shareholders for basic earnings per share calculation [2] $ 67,565 $ 61,914 $ 64,815
Basic earnings per share attributable to common shareholders:      
From continuing operations: $ 0.76 $ 0.69 $ 0.74
From discontinued operations: 0.07 0.08 0.08
Total attributable to common shareholders: 0.83 0.77 0.82
Diluted earnings per share attributable to common shareholders:      
From continuing operations: 0.74 0.66 0.72
From discontinued operations: 0.07 0.08 0.08
Total attributable to common shareholders: $ 0.81 $ 0.74 $ 0.80
Common Stock [Member]      
Basic earnings per share attributable to common shareholders:      
Weighted average basic common shares outstanding 81,264,273 80,885,253 78,921,480
Diluted earnings per share attributable to common shareholders:      
Weighted average diluted common shares outstanding [2],[3] 83,209,126 83,393,090 81,308,144
[1] The Company’s effective tax rate for 2016, 2015, and 2014 is 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 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details.
[2] 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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share.
[3] The diluted EPS computations for the years ended December 31, 2016, 2015, and 2014 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, 2016 2015 2014Shares 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, 2016 2015 2014Shares 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)270 548 829Total shares excluded due to exercise price exceeding the average market price of common shares during the period270 548 829(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.