Income Statement

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 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
(in thousands)    
Interest and dividend income 
Loans 191,594191,658192,184201,349
Taxable investment securities 2,0563,1624,4036,230
Non-taxable investment securities 3,1133,7384,7585,754
Mortgage-backed securities 5,4416,92510,93312,416
Federal funds sold and other 9701,3591,3901,890
Total interest and dividend income 203,174206,842213,668227,639
Interest expense 
Deposits 13,39514,10216,00216,571
Federal Home Loan Bank borrowings 10,9639,1087,9598,008
Junior subordinated debentures 4,4083,8723,8752,427
Repurchase agreements and other short-term borrowings 3905962195
Total interest expense 29,15627,14127,89827,201
Net interest income 174,018179,701185,770200,438
Provision/ (credit) for loan losses (10,000)(6,400)(1,555)(6,935)
Net interest income after provision/ (credit) for loan losses 184,018186,101187,325207,373
Fees and other income 
Investment management fees 43,81647,12345,69444,410
Wealth advisory fees 42,35248,08250,43750,581
Wealth management and trust fees 26,54734,58251,30943,980
Other banking fee income 7,4637,0338,44012,050
Gain on sale of loans, net 2,5192,1581,207667
Gain on repurchase of debt 620NANANA
Gain/ (loss) on sale of investments, net 49(7)236521
Gain/ (loss) on OREO, net (13)957124306
Gain on sale of offices 10,574002,862
Other 2,4148703,7223,410
Total fees and other income 136,341140,798161,169158,787
Operating expense 
Salaries and employee benefits 140,761146,648159,401163,767
Occupancy and equipment 29,82231,04137,18339,075
Professional services 12,10912,47312,86111,576
Marketing and business development 7,0947,9899,0637,626
Contract services and data processing 5,8275,8166,0377,024
Amortization of intangibles 4,3274,8366,7116,282
Impairment of goodwill NA009,528
FDIC insurance 3,7003,4593,9793,484
Restructuring 07393,7242,017
Other 17,06514,12816,22214,574
Total operating expense 220,705227,129255,181264,953
Income before income taxes 99,65499,77093,313101,207
Income tax expense 32,96332,36530,39230,963
Net income from continuing operations 66,69167,40562,92170,244
Net income from discontinued operations 7,7926,1606,4115,541
Net income before attribution to noncontrolling interests 74,48373,56569,33275,785
Less - Net income attributable to noncontrolling interests 3,9484,7504,4074,157
Net income attributable to the Company 70,53568,81564,92571,628
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (16,636)(4,000)(3,011)(4,063)
Net income attributable to common shareholders for earnings per share calculation 53,89964,81561,91467,565
Basic earnings per share attributable to common shareholders 
From continuing operations 0.60.740.690.76
From discontinued operations
Total attributable to common shareholders 0.70.820.770.83
Weighted average basic common shares outstanding 77,373,81778,921,48080,885,25381,264,273
Diluted earnings per share attributable to common shareholders 
From continuing operations 0.590.720.660.74
From discontinued operations
Total attributable to common shareholders 0.680.80.740.81
Weighted average diluted common shares outstanding 78,753,52481,308,14483,393,09083,209,126
Net income attributable to the Company 70,53568,81564,92571,628
Other comprehensive income/ (loss), net of tax 
Unrealized gain/ (loss) on securities available-for-sale (7,141)3,736(1,349)(11,358)
Reclassification adjustment for net realized (gain)/ loss included in net income - Unrealized gain/ (loss) on securities available-for-sale (1,204)4(139)(331)
Net unrealized gain/ (loss) on securities available-for-sale (7,169)3,740(1,488)(11,689)
Unrealized gain/ (loss) on cash flow hedges 2(2,009)(1,554)(461)
Reclassification adjustment for net realized (gain)/ loss included in net income - Unrealized gain/ (loss) on cash flow hedges 281,8492,354979
Net unrealized gain/ (loss) on cash flow hedges 1,206(160)800518
Net unrealized gain/ (loss) on other (358)(80)(115)123
Other comprehensive income/ (loss), net of tax (6,321)3,500(803)(11,048)
Total comprehensive income attributable to the Company, net 64,21472,31564,12260,580

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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