Income Statement

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 2010 Y2011 Y2012 Y2013 Y2014 Q3 YTD
Source Document12/31/201212/31/201312/31/201312/31/20139/30/2014
(in thousands)     
Interest and dividend income 
Loans 229,331212,047209,280191,594144,541
Taxable investment securities 6,1265,5613,8752,0712,242
Non-taxable investment securities 5,1233,7683,2283,1132,760
Mortgage-backed securities 8,0867,2976,1865,4415,230
Federal funds sold and other 1,3061,069719955978
Total interest and dividend income 249,972229,742223,288203,174155,751
Interest expense 
Deposits 36,77024,47917,64013,39510,194
Federal Home Loan Bank borrowings 20,12516,91514,48810,9637,039
Junior subordinated debentures 10,0287,4346,2584,4082,896
Repurchase agreements and other short-term borrowings 2,2891,9601,62639049
Total interest expense 69,21250,78840,01229,15620,178
Net interest income 180,760178,954183,276174,018135,573
Provision/ (credit) for loan losses 87,17813,160(3,300)(10,000)(8,800)
Net interest income after provision/ (credit) for loan losses 93,582165,794186,576184,018144,373
Fees and other income 
Investment management fees 60,19939,80339,16343,81635,226
Wealth advisory fees 31,73334,55337,65942,35235,730
Private banking wealth management and trust fees NA23,55323,64526,55021,255
Other banking fee income 6,8696,5035,6647,4605,192
Gain on sale of loans, net 5,2492,4893,2252,5191,966
Gain on repurchase of debt 04,2303,4446200
Gain on sale of investments, net 3,649798871499
Gain/ (loss) on OREO, net (2,839)5,372845(13)988
Gain on sale of Pacific Northwest offices NA0010,5740
Other 7681,6104502,414510
Total fees and other income 105,628118,911114,966136,341100,876
Operating expense 
Salaries and employee benefits 139,084142,872143,852140,761106,767
Occupancy and equipment 27,34529,64930,79029,80622,492
Professional services 19,31816,81013,11312,1099,165
Marketing and business development 7,2206,8027,4227,1995,564
Contract services and data processing 4,7334,6445,3805,8274,289
Amortization of intangibles 5,0504,8004,3694,3273,129
FDIC insurance 8,6036,1393,9723,7002,607
Restructuring expense 08,0555,9110NA
Other 19,47514,55317,64517,6319,356
Total operating expense 230,828234,324232,454221,360163,369
Income before income taxes (31,618)50,38169,08898,99981,880
Income tax expense (19,491)14,28020,33032,30826,464
Net income from continuing operations (12,127)36,10148,75866,69155,416
Net income from discontinued operations 3,7436,1847,6357,7924,650
Net income before attribution to noncontrolling interests (8,384)42,28556,39374,48360,066
Less - Net income attributable to noncontrolling interests 2,5863,1483,1223,9483,428
Net income attributable to the Company (10,970)39,13753,27170,53556,638
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (9,766)(4,701)(6,101)(16,636)(3,380)
Net income attributable to common shareholders for earnings per share calculation (20,736)34,43647,17053,89953,258
Basic earnings per share attributable to common shareholders 
From continuing operations (0.34)0.390.530.60.62
From discontinued operations
Total attributable to common shareholders (0.29)0.460.620.70.68
Weighted average basic common shares outstanding 71,321,16275,169,61176,019,99177,373,81778,425,613
Diluted earnings per share attributable to common shareholders 
From continuing operations (0.34)0.390.520.590.6
From discontinued operations
Total attributable to common shareholders (0.29)0.460.610.680.66
Weighted average diluted common shares outstanding 71,321,16275,481,02876,973,51678,753,52480,324,628
Net income attributable to the Company (10,970)39,13753,27170,53556,638
Other comprehensive income/ (loss), net of tax 
Unrealized gain/ (loss) on securities available for sale (1,012)3,726(937)(7,141)2,692
Reclassification adjustment for net realized gain/ (loss) included in net income of Unrealized gain/ (loss) on securities available for sale 2,195490557285
Adjustment for discontinued operations 00(23)0NA
Net unrealized gain/ (loss) on securities available for sale (3,207)3,236(1,471)(7,169)2,687
Unrealized gain/ (loss) on cash flow hedges (1,429)(2,830)(878)2(1,082)
Reclassification adjustment for net realized gain/ (loss) included in net income of Unrealized gain/ (loss) on cash flow hedges 1,592(1,095)(1,015)(1,204)(1,280)
Net unrealized gain/ (loss) on cash flow hedges (3,021)(1,735)1371,206198
Net unrealized gain/ (loss) on other 4745(136)(358)0
Other comprehensive income/ (loss), net of tax (6,224)2,246(1,470)(6,321)2,885
Total comprehensive income/ (loss) attributable to the Company, net (17,194)41,38351,80164,21459,523

Data shown on this page is extracted directly from the company’s documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.

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