Income Statement

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 2011 Y2012 Y2013 Y2014 Y2015 Q1 YTD
Source Document12/31/201312/31/201412/31/201412/31/20143/31/2015
(in thousands)     
Interest and dividend income 
Loan 212,047209,280191,594191,65848,000
Taxable investment securities 5,5613,8602,0563,162995
Non-taxable investment securities 3,7683,2283,1133,7381,021
Mortgage-backed securities 7,2976,1865,4416,9252,614
Federal funds sold and other 1,0697349701,359234
Total interest and dividend income 229,742223,288203,174206,84252,864
Interest expense 
Deposits 24,47917,64013,39514,1023,892
Federal Home Loan Bank borrowings 16,91514,48810,9639,1081,931
Junior subordinated debentures 7,4346,2584,4083,872956
Repurchase agreements and other short-term borrowings 1,9601,6263905913
Total interest expense 50,78840,01229,15627,1416,792
Net interest income 178,954183,276174,018179,70146,072
Provision/ (credit) for loan losses 13,160(3,300)(10,000)(6,400)(2,500)
Net interest income after provision/ (credit) for loan losses 165,794186,576184,018186,10148,572
Fees and other income 
Investment management fees 39,80339,16343,81647,12311,714
Wealth advisory fees 34,55337,65942,35248,08212,675
Wealth management and trust fees 23,55323,64626,54734,58213,558
Other banking fee income 6,5035,6637,4637,0331,910
Gain on sale of loans, net 2,4893,2252,5192,158303
Gain on repurchase of debt 4,2303,4446200NA
Gain on sale of investments, net 79887149(7)8
Gain/ (loss) on OREO, net 5,372845(13)95789
Gain on sale of Pacific Northwest offices 0010,5740NA
Other 1,6105972,4148701,088
Total fees and other income 118,911115,113136,341140,79841,345
Operating expense 
Salaries and employee benefits 142,872143,852140,761146,64842,127
Occupancy and equipment 29,64930,80729,82231,0419,035
Professional services 16,81013,11312,10912,4733,021
Marketing and business development 6,8027,3137,0947,9891,348
Contract services and data processing 4,6445,3805,8275,8161,437
Amortization of intangibles 4,8004,3694,3274,8361,602
FDIC insurance 6,1393,9723,7003,4591,011
Restructuring expense 8,0555,9110739NA
Other 14,55317,27917,06514,1283,846
Total operating expense 234,324231,996220,705227,12963,427
Income before income taxes 50,38169,69399,65499,77026,490
Income tax expense 14,28020,93532,96332,3658,572
Net income from continuing operations 36,10148,75866,69167,40517,918
Net income from discontinued operations 6,1847,6357,7926,1602,094
Net income before attribution to noncontrolling interests 42,28556,39374,48373,56520,012
Less - Net income attributable to noncontrolling interests 3,1483,1223,9484,7501,229
Net income attributable to the Company 39,13753,27170,53568,81518,783
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)(1,065)
Net income attributable to common shareholders for earnings per share calculation 34,43647,17053,89964,25217,718
Basic earnings per share attributable to common shareholders 
From continuing operations 0.390.530.60.730.19
From discontinued operations
Total attributable to common shareholders 0.460.620.70.810.22
Weighted average basic common shares outstanding 75,169,61176,019,99177,373,81778,921,48080,514,359
Diluted earnings per share attributable to common shareholders 
From continuing operations 0.390.520.590.720.19
From discontinued operations
Total attributable to common shareholders 0.460.610.680.790.21
Weighted average diluted common shares outstanding 75,481,02876,973,51678,753,52480,879,23182,594,325
Net income attributable to the Company 39,13753,27170,53568,81518,783
Other comprehensive income/ (loss), net of tax 
Unrealized gain/ (loss) on securities available for sale 3,726(937)(7,141)3,7362,331
Reclassification adjustment for net realized gain/ (loss) included in net income of Unrealized gain/ (loss) on securities available for sale 490(1,015)(1,204)(1,849)5
Net unrealized gain/ (loss) on securities available for sale 3,236(1,471)(7,169)3,7402,326
Unrealized gain/ (loss) on cash flow hedges (2,830)(878)2(2,009)(1,100)
Reclassification adjustment for net realized gain/ (loss) included in net income of Unrealized gain/ (loss) on cash flow hedges (1,095)55728(4)(591)
Adjustment for discontinued operations 0(23)00NA
Net unrealized gain/ (loss) on cash flow hedges (1,735)1371,206(160)(509)
Net unrealized gain/ (loss) on other 745(136)(358)(80)0
Other comprehensive income/ (loss), net of tax 2,246(1,470)(6,321)3,5001,817
Total comprehensive income attributable to the Company, net 41,38351,80164,21472,31520,600

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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