Income Statement

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 2010 Y2011 Y2012 Y2013 Y2014 Q2 YTD
Source Document12/31/201212/31/201312/31/201312/31/20136/30/2014
(in thousands)     
Interest and dividend income 
Loans 229,331212,047209,280191,59496,610
Taxable investment securities 6,1265,5613,8752,0711,366
Non-taxable investment securities 5,1233,7683,2283,1131,818
Mortgage-backed securities 8,0867,2976,1865,4413,625
Federal funds sold and other 1,3061,069719955599
Total interest and dividend income 249,972229,742223,288203,174104,018
Interest expense 
Deposits 36,77024,47917,64013,3956,591
Federal Home Loan Bank borrowings 20,12516,91514,48810,9634,685
Junior subordinated debentures 10,0287,4346,2584,4081,920
Repurchase agreements and other short-term borrowings 2,2891,9601,62639032
Total interest expense 69,21250,78840,01229,15613,228
Net interest income 180,760178,954183,276174,01890,790
Provision/ (credit) for loan losses 87,17813,160(3,300)(10,000)(6,200)
Net interest income after provision for loan losses 93,582165,794186,576184,01896,990
Fees and other income 
Investment management fees 60,19939,80339,16343,81623,215
Wealth advisory fees 31,73334,55337,65942,35223,452
Private banking wealth management and trust fees NA23,55323,64526,55014,004
Other banking fee income 6,8696,5035,6647,4603,357
Gain on sale of loans, net 5,2492,4893,2252,5191,783
Gain on repurchase of debt 04,2303,4446200
Gain on sale of investments, net 3,649798871491
Gain/ (loss) on OREO, net (2,839)5,372845(13)838
Gain on sale of Pacific Northwest offices NA0010,5740
Other 7681,6104502,414457
Total fees and other income 105,628118,911114,966136,34167,107
Operating expense 
Salaries and employee benefits 139,084142,872143,852140,76170,912
Occupancy and equipment 27,34529,64930,79029,80615,146
Professional services 19,31816,81013,11312,1096,369
Marketing and business development 7,2206,8027,4227,1994,156
Contract services and data processing 4,7334,6445,3805,8272,885
Amortization of intangibles 5,0504,8004,3694,3272,098
FDIC insurance 8,6036,1393,9723,7001,750
Restructuring expense 08,0555,9110NA
Other 19,47514,55317,64517,6316,054
Total operating expense 230,828234,324232,454221,360109,370
Income before income taxes (31,618)50,38169,08898,99954,727
Income tax expense (19,491)14,28020,33032,30817,471
Net income from continuing operations (12,127)36,10148,75866,69137,256
Net income from discontinued operations 3,7436,1847,6357,7923,378
Net income before attribution to noncontrolling interests (8,384)42,28556,39374,48340,634
Less - Net income attributable to noncontrolling interests 2,5863,1483,1223,9482,261
Net income attributable to the Company (10,970)39,13753,27170,53538,373
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)(2,511)
Net income attributable to common shareholders for earnings per share calculation (20,736)34,43647,17053,89935,862
Basic earnings per share attributable to common shareholders 
From continuing operations (0.34)0.390.530.60.42
From discontinued operations
Total attributable to common shareholders (0.29)0.460.620.70.46
Weighted average basic common shares outstanding 71,321,16275,169,61176,019,99177,373,81778,292,721
Diluted earnings per share attributable to common shareholders 
From continuing operations (0.34)0.390.520.590.41
From discontinued operations
Total attributable to common shareholders (0.29)0.460.610.680.45
Weighted average diluted common shares outstanding 71,321,16275,481,02876,973,51678,753,52480,158,842
Net income attributable to the Company (10,970)39,13753,27170,53538,373
Other comprehensive income/ (loss), net of tax 
Unrealized gain/ (loss) on securities available for sale (1,012)3,726(937)(7,141)3,351
Reclassification adjustment for net realized gain/ (loss) included in net income of Unrealized gain/ (loss) on securities available for sale 2,195490557281
Adjustment for discontinued operations 00(23)0NA
Net unrealized gain/ (loss) on securities available for sale (3,207)3,236(1,471)(7,169)3,350
Unrealized gain/ (loss) on cash flow hedges (1,429)(2,830)(878)2(1,472)
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)(777)
Net unrealized gain/ (loss) on cash flow hedges (3,021)(1,735)1371,206(695)
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)2,655
Total comprehensive income/ (loss) attributable to the Company, net (17,194)41,38351,80164,21441,028

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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