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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Loans $ 71,943 $ 64,048 $ 141,876 $ 124,977
Taxable investment securities 1,121 1,501 2,306 3,011
Non-taxable investment securities 1,901 1,752 3,802 3,482
Mortgage-backed securities 2,706 3,049 5,603 6,227
Short-term investments and other 1,057 1,205 1,965 2,214
Total interest and dividend income 78,728 71,555 155,552 139,911
Interest expense:        
Deposits 14,515 8,365 28,573 14,889
Federal Home Loan Bank borrowings 5,027 4,447 7,807 7,791
Junior subordinated debentures 1,080 1,008 2,201 1,854
Repurchase agreements and other short-term borrowings 646 190 1,173 449
Total interest expense 21,268 14,010 39,754 24,983
Net interest income 57,460 57,545 115,798 114,928
Provision/ (credit) for loan losses 1,363 453 (63) (1,342)
Net interest income after provision/ (credit) for loan losses 56,097 57,092 115,861 116,270
Fees and other income:        
Gain/ (loss) on sale of investments, net 0 7 0 (17)
Gain/ (loss) on OREO, net 0 0 91 0
Other 88 191 965 523
Total fees and other income 24,380 32,095 49,628 71,838
Operating expense:        
Salaries and employee benefits 32,706 39,433 68,432 86,517
Occupancy and equipment 7,852 8,229 16,200 15,977
Professional services 3,313 2,872 6,873 6,049
Marketing and business development 1,934 2,070 3,019 3,663
Information systems 5,137 6,770 10,997 12,656
Amortization of intangibles 672 749 1,344 1,499
FDIC insurance 585 708 1,245 1,452
Restructuring 0 0 1,646 0
Other 3,460 3,553 6,456 7,428
Total operating expense 55,659 64,384 116,212 135,241
Income before income taxes 24,818 24,803 49,277 52,867
Income tax expense 5,369 17,399 10,286 23,425
Net income from continuing operations 19,449 7,404 38,991 29,442
Net income/ (loss) from discontinued operations 0 (2) 0 1,696
Net income before attribution to noncontrolling interests 19,449 7,402 38,991 31,138
Less: Net income attributable to noncontrolling interests 69 968 169 2,018
Net income attributable to the Company 19,380 6,434 38,822 29,120
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (816) (3,524) 741 (3,547)
Net income attributable to common shareholders, treasury stock method $ 18,564 $ 2,910 $ 39,563 $ 25,573
Basic earnings per share attributable to common shareholders:        
From continuing operations (in dollars per share) $ 0.22 $ 0.03 $ 0.47 $ 0.29
From discontinued operations (in dollars per share) 0 0 0 0.02
Total attributable to common shareholders (in dollars per share) $ 0.22 $ 0.03 $ 0.47 $ 0.31
Weighted average basic common shares outstanding (in shares) 83,565,780 83,509,115 83,426,213 83,304,573
Diluted earnings per share attributable to common shareholders:        
From continuing operations (in dollars per share) $ 0.22 $ 0.03 $ 0.47 $ 0.28
From discontinued operations (in dollars per share) 0 0 0 0.02
Total attributable to common shareholders (in dollars per share) $ 0.22 $ 0.03 $ 0.47 $ 0.30
Weighted average diluted common shares outstanding (in shares) 84,048,972 85,413,575 84,036,050 85,221,974
Investment management fees        
Fees and other income:        
Fees $ 2,455 $ 4,227 $ 5,105 $ 15,652
Wealth advisory fees        
Fees and other income:        
Fees 8,141 13,693 16,306 27,205
Wealth management and trust fees        
Fees and other income:        
Fees 10,771 11,169 21,664 23,320
Other banking fee income        
Fees and other income:        
Fees 2,867 2,745 5,366 5,018
Gain on sale of loans, net        
Fees and other income:        
Fees $ 58 $ 63 $ 131 $ 137