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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Loans $ 62,807 $ 71,943 $ 129,165 $ 141,876
Taxable investment securities 859 1,121 1,727 2,306
Non-taxable investment securities 2,005 1,901 4,003 3,802
Mortgage-backed securities 2,566 2,706 5,353 5,603
Short-term investments and other 582 1,057 1,653 1,965
Total interest and dividend income 68,819 78,728 141,901 155,552
Interest expense:        
Deposits 7,335 14,515 20,131 28,573
Federal Home Loan Bank borrowings 1,755 5,027 3,789 7,807
Junior subordinated debentures 764 1,080 1,681 2,201
Repurchase agreements and other short-term borrowings 27 646 105 1,173
Total interest expense 9,881 21,268 25,706 39,754
Net interest income 58,938 57,460 116,195 115,798
Provision/(credit) for loan losses 22,604 1,363 39,566 (63)
Net interest income after provision/(credit) for loan losses 36,334 56,097 76,629 115,861
Fees and other income:        
Fees 19,633 22,005 40,681 44,397
Gain on OREO, net 0 0 0 91
Other 1,032 88 (333) 965
Total fees and other income 22,662 24,380 44,183 49,628
Operating expense:        
Salaries and employee benefits 33,937 32,706 69,033 68,432
Occupancy and equipment 7,560 7,852 15,206 16,200
Information systems 7,113 5,137 13,838 10,997
Professional services 3,446 3,313 7,047 6,873
Marketing and business development 2,313 1,934 4,203 3,019
Amortization of intangibles 702 672 1,417 1,344
FDIC insurance 767 585 767 1,245
Restructuring 0 0 0 1,646
Other 5,615 3,460 10,850 6,456
Total operating expense 61,453 55,659 122,361 116,212
Income/(loss) before income taxes (2,457) 24,818 (1,549) 49,277
Income tax expense 841 5,369 943 10,286
Net income/(loss) before attribution to noncontrolling interests (3,298) 19,449 (2,492) 38,991
Less: Net income attributable to noncontrolling interests 0 69 6 169
Net income/(loss) attributable to the Company (3,298) 19,380 (2,498) 38,822
Adjustments to net income/(loss) attributable to the Company to arrive at net income/(loss) attributable to common shareholders 0 (816) 414 741
Net income/(loss) attributable to common shareholders, treasury stock method $ (3,298) $ 18,564 $ (2,084) $ 39,563
Basic earnings/(loss) per share attributable to common shareholders:        
Total attributable to common shareholders (in dollars per share) $ (0.04) $ 0.22 $ (0.03) $ 0.47
Weighted average basic common shares outstanding (in shares) 81,929,752 83,565,780 82,464,438 83,426,213
Diluted earnings/(loss) per share attributable to common shareholders:        
Total attributable to common shareholders (in dollars per share) $ (0.04) $ 0.22 $ (0.03) $ 0.47
Weighted average diluted common shares outstanding (in shares) 81,929,752 84,048,972 82,464,438 84,036,050
Wealth management and trust fees        
Fees and other income:        
Fees $ 17,261 $ 18,912 $ 35,632 $ 37,970
Investment management fees        
Fees and other income:        
Fees 1,770 2,455 3,695 5,105
Other banking fee income        
Fees and other income:        
Fees 2,395 2,867 4,885 5,366
Gain on sale of loans, net        
Fees and other income:        
Fees $ 204 $ 58 $ 304 $ 131