XML 21 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income          
Loans, including fees $ 89,159 $ 90,558 $ 81,307 $ 179,717 $ 156,219
Securities 12,457 17,841 21,455 30,298 43,086
Other interest-earning assets 2,424 2,313 2,423 4,737 4,587
Total interest and dividend income 104,040 110,712 105,185 214,752 203,892
Interest expense          
Deposits 28,598 31,443 20,315 60,041 37,110
Federal Home Loan Bank advances 8,289 9,081 9,539 17,370 16,931
Securities sold under repurchase agreements 16 18 211 34 961
Long term debt and other interest-bearing liabilities 2,357 2,362 2,356 4,719 4,688
Total interest expense 39,260 42,904 32,421 82,164 59,690
Net interest income 64,780 67,808 72,764 132,588 144,202
(Reversal of) provision for loan losses (1,987) 2,512 2,653 525 22,152
Net interest income after provision for loan losses 66,767 65,296 70,111 132,063 122,050
Noninterest income          
Customer service fees 1,434 1,515 1,491 2,949 3,083
Loan servicing income 121 118 948 239 3,259
Income from bank owned life insurance 580 525 533 1,105 1,066
Net gain on sale of securities available-for-sale 0 208 278 208 5,519
Net gain on sale of loans 2,826 1,553 821 4,379 780
Net loss on sale of mortgage servicing rights 0 0 (155) 0 (2,450)
Other (loss) income (7,251) 2,376 4,145 (4,875) 5,386
Total noninterest (loss) income (2,290) 6,295 8,061 4,005 16,643
Noninterest expense          
Salaries and employee benefits 27,506 28,439 29,440 55,945 60,555
Occupancy and equipment 7,955 7,686 7,883 15,641 15,570
Professional fees (reimbursement) (2,903) 11,041 6,303 8,138 15,480
Outside service fees 489 403 413 892 2,959
Data processing 1,672 1,496 1,678 3,168 3,334
Advertising and promotion 2,048 2,057 2,864 4,105 6,141
Regulatory assessments 2,136 2,482 2,196 4,618 4,288
(Gain) loss on investments in alternative energy partnerships (355) 1,950 1,808 1,595 1,774
Reversal of provision for loan repurchases (61) (116) (218) (177) (2,006)
Amortization of intangible assets 621 620 827 1,241 1,670
Restructuring (reversal) expense (158) 2,795 3,983 2,637 3,983
All other expense 4,637 2,982 5,362 7,619 8,591
Total noninterest expense 43,587 61,835 62,539 105,422 122,339
Income from continuing operations before income taxes 20,890 9,756 15,633 30,646 16,354
Income tax expense (benefit) 4,308 2,719 1,779 7,027 (4,574)
Income from continuing operations 16,582 7,037 13,854 23,619 20,928
Income from discontinued operations before income taxes (including net gain on disposal of $0, $0 and $272 for the three months ended June 30, 2019, March 31, 2019 and 2018, respectively, and $0 and $1,275 for the six months ended June 30, 2019 and 2018, respectively) 0 0 1,281 0 3,325
Income tax expense 0 0 355 0 915
Income from discontinued operations 0 0 926 0 2,410
Net income 16,582 7,037 14,780 23,619 23,338
Preferred stock dividends 4,308 4,308 5,113 8,616 10,226
Income allocated to participating securities 271 0 86 153 0
Participating securities dividends 94 202 203 295 406
Net income available to common stockholders $ 11,909 $ 2,527 $ 9,378 $ 14,555 $ 12,706
Basic earnings per common share          
Income from continuing operations (in usd per share) $ 0.23   $ 0.17 $ 0.29 $ 0.20
Income from discontinued operations (in usd per share) 0   0.02 0 0.05
Net income (in usd per share) 0.23   0.19 0.29 0.25
Diluted earnings per common share          
Income from continuing operations (in usd per share) 0.23   0.16 0.29 0.20
Income from discontinued operations (in usd per share) 0   0.02 0 0.05
Net income (in usd per share) $ 0.23   $ 0.18 $ 0.29 $ 0.25
Class A Common Stock          
Noninterest expense          
Income from continuing operations $ 16,426   $ 13,709 $ 23,397 $ 20,713
Income from discontinued operations 0   916 0 2,385
Preferred stock dividends 4,268   5,059 8,535 10,121
Income allocated to participating securities 268   85 152 0
Participating securities dividends $ 93   $ 201 $ 292 $ 402
Basic earnings per common share          
Income from continuing operations (in usd per share) $ 0.23 $ 0.05 $ 0.17 $ 0.29 $ 0.20
Income from discontinued operations (in usd per share) 0 0 0.02 0 0.05
Net income (in usd per share) 0.23 0.05 0.19 0.29 0.25
Diluted earnings per common share          
Income from continuing operations (in usd per share) 0.23 0.05 0.16 0.29 0.20
Income from discontinued operations (in usd per share) 0 0 0.02 0 0.05
Net income (in usd per share) $ 0.23 0.05 $ 0.18 $ 0.29 $ 0.25
Class B Common Stock          
Noninterest expense          
Income from continuing operations $ 156   $ 145 $ 222 $ 215
Income from discontinued operations 0   10 0 25
Preferred stock dividends 40   54 81 105
Income allocated to participating securities 3   1 1 0
Participating securities dividends $ 1   $ 2 $ 3 $ 4
Basic earnings per common share          
Income from continuing operations (in usd per share) $ 0.23 0.05 $ 0.17 $ 0.29 $ 0.20
Income from discontinued operations (in usd per share) 0 0 0.02 0 0.05
Net income (in usd per share) 0.23 0.05 0.19 0.29 0.25
Diluted earnings per common share          
Income from continuing operations (in usd per share) 0.23 0.05 0.17 0.29 0.20
Income from discontinued operations (in usd per share) 0 0 0.02 0 0.05
Net income (in usd per share) $ 0.23 $ 0.05 $ 0.19 $ 0.29 $ 0.25