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Consolidated Statement of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Interest and dividend income:      
Loans $ 228,964 $ 201,349 $ 192,184
Taxable investment securities 6,393 6,230 4,403
Non-taxable investment securities 6,622 5,754 4,758
Mortgage-backed securities 13,391 12,416 10,933
Federal funds sold and other 3,325 1,890 1,390
Total interest and dividend income 258,695 227,639 213,668
Interest expense:      
Deposits 20,884 16,571 16,002
Federal Home Loan Bank borrowings 9,883 8,008 7,959
Junior subordinated debentures 2,919 2,427 3,875
Repurchase agreements and other short-term borrowings 323 195 62
Total interest expense 34,009 27,201 27,898
Net interest income 224,686 200,438 185,770
Provision/ (credit) for loan losses (7,669) (6,935) (1,555)
Net interest income after provision/ (credit) for loan losses 232,355 207,373 187,325
Fees and other income:      
Investment management fees 45,515 44,410 45,694
Wealth advisory fees 52,559 50,581 50,437
Wealth management and trust fees 45,362 43,980 51,309
Other banking fee income 8,915 12,050 8,440
Gain on sale of loans, net 451 667 1,207
Gain/ (loss) on sale of investments, net 376 521 236
Gain/ (loss) on OREO, net (46) 306 124
Gain/ (loss) on sale of affiliates or offices (1,264) 2,862 0
Other 2,098 3,410 3,722
Total fees and other income 153,966 158,787 161,169
Operating expense:      
Salaries and employee benefits 178,406 163,767 159,401
Occupancy and equipment 30,165 28,007 27,861
Professional services 13,763 11,576 12,861
Marketing and business development 7,766 7,626 9,063
Information systems 21,796 19,229 17,020
Amortization of intangibles 5,601 6,282 6,711
Impairment of goodwill 24,901 9,528 0
FDIC insurance 2,969 3,484 3,979
Restructuring 0 2,017 3,724
Other 14,569 13,437 14,561
Total operating expense 299,936 264,953 255,181
Income before income taxes 86,385 101,207 93,313
Income tax expense [1] 46,196 30,963 30,392
Net income from continuing operations 40,189 70,244 62,921
Net income from discontinued operations [2] 4,870 5,541 6,411
Net income before attribution to noncontrolling interests 45,059 75,785 69,332
Less: Net income attributable to noncontrolling interests 4,468 4,157 4,407
Net income attributable to the Company 40,591 71,628 64,925
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (4,887) (4,063) (3,011)
Net income attributable to common shareholders for basic earnings per share calculation $ 35,704 $ 67,565 $ 61,914 [3]
Basic earnings per share attributable to common shareholders:      
From continuing operations: $ 0.37 $ 0.76 $ 0.69
From discontinued operations: 0.06 0.07 0.08
Total attributable to common shareholders: 0.43 0.83 0.77
Diluted earnings per share attributable to common shareholders:      
From continuing operations: 0.36 0.74 0.66
From discontinued operations: 0.06 0.07 0.08
Total attributable to common shareholders: $ 0.42 $ 0.81 $ 0.74
Common Stock [Member]      
Basic earnings per share attributable to common shareholders:      
Weighted average basic common shares outstanding 82,430,633 81,264,273 80,885,253
Diluted earnings per share attributable to common shareholders:      
Weighted average diluted common shares outstanding 84,802,565 83,209,126 83,393,090 [3],[4]
[1] The Company’s effective tax rate for 2017, 2016, and 2015 is not consistent due to the re-measurement of the deferred tax assets, impairment of goodwill not deductible for tax purposes, 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 2017, 2016, and 2015. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details.
[2] The Holding Company and Eliminations calculation of Net Income attributable to the Company includes net income from Discontinued Operations for the years ended December 31, 2017, 2016 and 2015 of $4.9 million, $5.5 million, and $6.4 million, respectively
[3] 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. There is no difference between the calculation of EPS based on the treasury stock method and the calculation of EPS based on the two-class method for the year ended December 31, 2017.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.
[4] The diluted EPS computations for the years ended December 31, 2017, 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 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, 2017 2016 2015Shares excluded due to anti-dilution (treasury stock 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, 2017 2016 2015Shares 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)67 270 548Total shares excluded due to exercise price exceeding the average market price of common shares during the period67 270 548(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.