Income Statement

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 2011 Y2012 Y2013 Y2014 Y2015 Q3 YTD
Source Document12/31/201312/31/201412/31/201412/31/20149/30/2015
(in thousands)     
Interest and dividend income 
Loans 212,047209,280191,594191,658142,721
Taxable investment securities 5,5613,8602,0563,1623,164
Non-taxable investment securities 3,7683,2283,1133,7383,410
Mortgage-backed securities 7,2976,1865,4416,9258,070
Federal funds sold and other 1,0697349701,359941
Total interest and dividend income 229,742223,288203,174206,842158,306
Interest expense 
Deposits 24,47917,64013,39514,10211,721
Federal Home Loan Bank borrowings 16,91514,48810,9639,1085,999
Junior subordinated debentures 7,4346,2584,4083,8722,902
Repurchase agreements and other short-term borrowings 1,9601,6263905954
Total interest expense 50,78840,01229,15627,14120,676
Net interest income 178,954183,276174,018179,701137,630
Provision/ (credit) for loan losses 13,160(3,300)(10,000)(6,400)100
Net interest income after provision/ (credit) for loan losses 165,794186,576184,018186,101137,530
Fees and other income 
Investment management fees 39,80339,16343,81647,12334,805
Wealth advisory fees 34,55337,65942,35248,08237,868
Wealth management and trust fees 23,55323,64626,54734,58239,527
Other banking fee income 6,5035,6637,4637,0336,721
Gain on sale of loans, net 2,4893,2252,5192,1581,029
Gain on repurchase of debt 4,2303,4446200NA
Gain on sale of investments, net 79887149(7)21
Gain/ (loss) on OREO, net 5,372845(13)957124
Gain on sale of Pacific Northwest offices 0010,5740NA
Other 1,6105972,4148703,356
Total fees and other income 118,911115,113136,341140,798123,451
Operating expense 
Salaries and employee benefits 142,872143,852140,761146,648119,881
Occupancy and equipment 29,64930,80729,82231,04127,194
Professional services 16,81013,11312,10912,4739,083
Marketing and business development 6,8027,3137,0947,9895,062
Contract services and data processing 4,6445,3805,8275,8164,532
Amortization of intangibles 4,8004,3694,3274,8364,912
FDIC insurance 6,1393,9723,7003,4592,890
Restructuring 8,0555,91107391,724
Other 14,55317,27917,06514,12812,496
Total operating expense 234,324231,996220,705227,129187,774
Income before income taxes 50,38169,69399,65499,77073,207
Income tax expense 14,28020,93532,96332,36524,754
Net income from continuing operations 36,10148,75866,69167,40548,453
Net income from discontinued operations 6,1847,6357,7926,1604,956
Net income before attribution to noncontrolling interests 42,28556,39374,48373,56553,409
Less - Net income attributable to noncontrolling interests 3,1483,1223,9484,7503,486
Net income attributable to the Company 39,13753,27170,53568,81549,923
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (4,701)(6,101)(16,636)(4,563)(2,006)
Net income attributable to common shareholders for earnings per share calculation 34,43647,17053,89964,25247,917
Basic earnings per share attributable to common shareholders 
From continuing operations 0.390.530.60.730.53
From discontinued operations
Total attributable to common shareholders 0.460.620.70.810.59
Weighted average basic common shares outstanding 75,169,61176,019,99177,373,81778,921,48080,801,113
Diluted earnings per share attributable to common shareholders 
From continuing operations 0.390.520.590.720.52
From discontinued operations
Total attributable to common shareholders 0.460.610.680.790.58
Weighted average diluted common shares outstanding 75,481,02876,973,51678,753,52480,879,23183,017,921
Net income attributable to the Company 39,13753,27170,53568,81549,923
Other comprehensive income/ (loss), net of tax 
Unrealized gain/ (loss) on securities available for sale 3,726(937)(7,141)3,7362,351
Reclassification adjustment for net realized gain/ (loss) included in net income on available for sale securities 490(1,015)(1,204)(1,849)12
Net unrealized gain/ (loss) on securities available for sale 3,236(1,471)(7,169)3,7402,339
Unrealized gain/ (loss) on cash flow hedges (2,830)(878)2(2,009)(2,135)
Reclassification adjustment for net realized gain/ (loss) included in net income on cash flow hedges (1,095)55728(4)(1,781)
Adjustment for discontinued operations 0(23)00NA
Net unrealized gain/ (loss) on cash flow hedges (1,735)1371,206(160)(354)
Net unrealized gain/ (loss) on other 745(136)(358)(80)(1)
Other comprehensive income/ (loss), net of tax 2,246(1,470)(6,321)3,5001,984
Total comprehensive income attributable to the Company, net 41,38351,80164,21472,31551,907

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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