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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest and dividend income:        
Loans $ 64,048 $ 57,736 $ 124,977 $ 111,372
Taxable investment securities 1,501 1,592 3,011 3,262
Non-taxable investment securities 1,752 1,655 3,482 3,261
Mortgage-backed securities 3,049 3,495 6,227 6,999
Short-term investments and other 1,205 831 2,214 1,431
Total interest and dividend income 71,555 65,309 139,911 126,325
Interest expense:        
Deposits 8,365 4,949 14,889 9,480
Federal Home Loan Bank borrowings 4,447 2,489 7,791 4,600
Junior subordinated debentures 1,008 716 1,854 1,387
Repurchase agreements and other short-term borrowings 190 10 449 71
Total interest expense 14,010 8,164 24,983 15,538
Net interest income 57,545 57,145 114,928 110,787
Provision/ (credit) for loan losses 453 (6,114) (1,342) (6,295)
Net interest income after provision/ (credit) for loan losses 57,092 63,259 116,270 117,082
Fees and other income:        
Gain on sale of loans, net 63 59 137 197
Gain/ (loss) on sale of investments, net 7 237 (17) 256
Gain/ (loss) on OREO, net 0 0 0 (46)
Other 191 555 523 768
Total fees and other income 32,095 38,018 71,838 74,524
Operating expense:        
Salaries and employee benefits 39,433 43,312 86,517 88,977
Occupancy and equipment 8,229 7,283 15,977 14,468
Professional services 2,872 3,106 6,049 6,420
Marketing and business development 2,070 1,971 3,663 3,631
Information systems 6,770 5,500 12,656 10,879
Amortization of intangibles 749 1,426 1,499 2,852
FDIC insurance 708 879 1,452 1,645
Other 3,553 4,344 7,428 7,729
Total operating expense 64,384 67,821 135,241 136,601
Income before income taxes 24,803 33,456 52,867 55,005
Income tax expense 17,399 9,963 23,425 16,516
Net income from continuing operations 7,404 23,493 29,442 38,489
Net income/ (loss) from discontinued operations (2) 1,063 1,696 2,695
Net income before attribution to noncontrolling interests 7,402 24,556 31,138 41,184
Less: Net income attributable to noncontrolling interests (968) (1,150) (2,018) (2,116)
Net income attributable to the Company 6,434 23,406 29,120 39,068
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (3,524) (577) (3,547) (1,743)
Net income attributable to common shareholders, treasury stock method $ 2,910 $ 22,829 $ 25,573 $ 37,325
Basic earnings per share attributable to common shareholders:        
From continuing operations: $ 0.03 $ 0.27 $ 0.29 $ 0.42
From discontinued operations: 0.00 0.01 0.02 0.03
Total attributable to common shareholders: 0.03 0.28 0.31 0.45
Diluted earnings per share attributable to common shareholders:        
From continuing operations: 0.03 0.26 0.28 0.41
From discontinued operations: 0.00 0.01 0.02 0.03
Total attributable to common shareholders: $ 0.03 $ 0.27 $ 0.30 $ 0.44
Common Stock [Member]        
Basic earnings per share attributable to common shareholders:        
Weighted average basic common shares outstanding 83,509,115 82,298,493 83,304,573 82,125,795
Diluted earnings per share attributable to common shareholders:        
Weighted average diluted common shares outstanding [1] 85,413,575 84,741,680 85,221,974 84,658,309
Investment Managers Segment [Member]        
Interest expense:        
Net interest income [2] $ 2 $ 4 $ 6 $ 8
Fees and other income:        
Revenue from Contract with Customer, Excluding Assessed Tax 4,227 11,081 15,652 21,920
Total fees and other income [2] 4,234 11,091 15,642 21,950
Operating expense:        
Amortization of intangibles [2] 0 651 0 1,301
Total operating expense [2] 3,120 8,346 11,645 16,700
Income before income taxes [2] 1,116 2,749 4,003 5,258
Income tax expense [2] 249 894 920 1,738
Net income from continuing operations [2] 867 1,855 3,083 3,520
Less: Net income attributable to noncontrolling interests [2] (202) (512) (690) (974)
Net income attributable to the Company [2] 665 1,343 2,393 2,546
Wealth Advisors Segment [Member]        
Interest expense:        
Net interest income 77 29 125 46
Fees and other income:        
Revenue from Contract with Customer, Excluding Assessed Tax 13,693 12,961 27,205 25,784
Total fees and other income 13,717 12,980 27,256 25,823
Operating expense:        
Amortization of intangibles 48 48 97 97
Total operating expense 9,227 8,943 19,763 18,386
Income before income taxes 4,567 4,066 7,618 7,483
Income tax expense 1,214 1,511 2,000 2,798
Net income from continuing operations 3,353 2,555 5,618 4,685
Less: Net income attributable to noncontrolling interests (766) (638) (1,328) (1,142)
Net income attributable to the Company 2,587 1,917 4,290 3,543
Wealth Management and Trust Segment [Member]        
Fees and other income:        
Revenue from Contract with Customer, Excluding Assessed Tax 11,169 11,161 23,320 21,987
Total fees and other income 11,293 11,274 23,567 22,195
Operating expense:        
Amortization of intangibles 701 727 1,402 1,454
Total operating expense 11,058 11,937 21,752 25,810
Income before income taxes 235 (663) 1,815 (3,615)
Income tax expense 34 (239) 509 (1,405)
Net income from continuing operations 201 (424) 1,306 (2,210)
Net income attributable to the Company 201 (424) 1,306 (2,210)
Other Banking Fee Income [Member]        
Fees and other income:        
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,745 $ 1,964 $ 5,018 $ 3,658
[1] The diluted EPS computations for the three and six months ended June 30, 2018 and 2017 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 June 30, Six months ended June 30, 2018 2017 2018 2017Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):(In thousands)Potential common shares from: Stock options16 54 136 87Total shares excluded due to exercise price exceeding the average market price of common shares during the period16 54 136 87
[2] Results for the Investment Management segment for the three and six months ended June 30, 2017 include results for DGHM and Anchor. Results for the Investment Management segment for the three and six months ended June 30, 2018 include results for DGHM and results for Anchor through its sale date in April 2018. Assets for the Investment Management Segment at June 30, 2017 include assets of DGHM and Anchor. Assets for the Investment Management segment at June 30, 2018 include assets of DGHM.