XML 66 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Operations - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income          
Loans, including fees $ 80,287,000 $ 89,159,000 $ 84,795,000 $ 260,004,000 $ 241,014,000
Securities 10,024,000 12,457,000 20,599,000 40,322,000 63,685,000
Other interest-earning assets 2,346,000 2,424,000 2,380,000 7,083,000 6,967,000
Total interest and dividend income 92,657,000 104,040,000 107,774,000 307,409,000 311,666,000
Interest expense          
Deposits 22,811,000 28,598,000 25,154,000 82,852,000 62,264,000
Federal Home Loan Bank advances 8,519,000 8,289,000 8,996,000 25,889,000 25,927,000
Securities sold under repurchase agreements 13,000 16,000 47,000 47,000 1,008,000
Long term debt and other interest-bearing liabilities 2,399,000 2,357,000 2,385,000 7,118,000 7,073,000
Total interest expense 33,742,000 39,260,000 36,582,000 115,906,000 96,272,000
Net interest income 58,915,000 64,780,000 71,192,000 191,503,000 215,394,000
Provision for (reversal of) loan losses 38,540,000 (1,987,000) 1,410,000 39,065,000 23,562,000
Net interest income after provision for loan losses 20,375,000 66,767,000 69,782,000 152,438,000 191,832,000
Noninterest income          
Customer service fees 1,582,000 1,434,000 1,446,000 4,531,000 4,529,000
Loan servicing income 128,000 121,000 439,000 367,000 3,698,000
Income from bank owned life insurance 588,000 580,000 551,000 1,693,000 1,617,000
Impairment loss on investment securities (731,000) 0 0 (731,000) 0
Net (loss) gain on sale of securities available-for-sale (5,063,000) 0 13,000 (4,855,000) 5,532,000
Net gain on sale of loans 4,326,000 2,826,000 279,000 8,705,000 1,059,000
Net gain (loss) on sale of mortgage servicing rights 0 0 24,000 0 (2,426,000)
Other income (loss) 2,351,000 (7,251,000) 2,072,000 (2,524,000) 7,458,000
Total noninterest income (loss) 3,181,000 (2,290,000) 4,824,000 7,186,000 21,467,000
Noninterest expense          
Salaries and employee benefits 25,934,000 27,506,000 24,832,000 81,879,000 85,387,000
Occupancy and equipment 7,767,000 7,955,000 8,213,000 23,408,000 23,783,000
Professional fees (reimbursement) 1,463,000 (2,903,000) 11,966,000 9,601,000 27,446,000
Outside service fees 520,000 489,000 954,000 1,412,000 3,913,000
Data processing 1,568,000 1,672,000 1,884,000 4,736,000 5,218,000
Advertising and promotion 2,090,000 2,048,000 3,152,000 6,195,000 9,293,000
Regulatory assessments 1,239,000 2,136,000 2,138,000 5,857,000 6,426,000
(Gain) loss on investments in alternative energy partnerships (940,000) (355,000) 2,484,000 655,000 4,258,000
Reversal of provision for loan repurchases (123,000) (61,000) (360,000) (300,000) (2,366,000)
Amortization of intangible assets 500,000 621,000 693,000 1,741,000 2,363,000
Restructuring (reversal) expense 0 (158,000) 553,000 2,637,000 4,536,000
All other expense 3,289,000 4,637,000 4,368,000 10,908,000 12,959,000
Total noninterest expense 43,307,000 43,587,000 60,877,000 148,729,000 183,216,000
(Loss) income from continuing operations before income taxes (19,751,000) 20,890,000 13,729,000 10,895,000 30,083,000
Income tax (benefit) expense (5,619,000) 4,308,000 3,301,000 1,408,000 (1,273,000)
(Loss) income from continuing operations (14,132,000) 16,582,000 10,428,000 9,487,000 31,356,000
Income from discontinued operations before income taxes (including net gain on disposal of $0, $0 and $0 for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively, and $0 and $1,275 for the nine months ended September 30, 2019 and 2018, respectively) 0 0 924,000 0 4,249,000
Income tax expense 0 0 256,000 0 1,171,000
Income from discontinued operations 0 0 668,000 0 3,078,000
Net (loss) income (14,132,000) 16,582,000 11,096,000 9,487,000 34,434,000
Preferred stock dividends 3,403,000 4,308,000 4,970,000 12,019,000 15,196,000
Income allocated to participating securities 0 271,000 0 0 0
Participating securities dividends 94,000 94,000 202,000 390,000 608,000
Impact of preferred stock redemption 5,093,000 0 2,307,000 5,093,000 2,307,000
Net (loss) income available to common stockholders $ (22,722,000) $ 11,909,000 $ 3,617,000 $ (8,015,000) $ 16,323,000
Basic (loss) earnings per common share          
(Loss) income from continuing operations (in usd per share)     $ 0.06   $ 0.26
Income from discontinued operations (in usd per share)     0.01   0.06
Net (loss) income (in usd per share) $ (0.45)   0.07 $ (0.16) 0.32
Diluted (loss) earnings per common share          
(Loss) income from continuing operations (in usd per share)     0.06   0.26
Income from discontinued operations (in usd per share)     0.01   0.06
Net (loss) income (in usd per share) $ (0.45)   $ 0.07 $ (0.16) $ 0.32
Voting          
Noninterest expense          
(Loss) income from continuing operations $ (13,999,000)   $ 10,330,000 $ 9,398,000 $ 31,043,000
Income from discontinued operations     662,000   3,047,000
Preferred stock dividends 3,371,000   4,923,000 11,906,000 15,044,000
Income allocated to participating securities 0     0  
Participating securities dividends 93,000   200,000 386,000 602,000
Impact of preferred stock redemption $ 5,045,000   $ 2,285,000 $ 5,045,000 $ 2,284,000
Basic (loss) earnings per common share          
(Loss) income from continuing operations (in usd per share) $ (0.45) $ 0.23 $ 0.06 $ (0.16) $ 0.26
Income from discontinued operations (in usd per share) 0 0 0.01 0 0.06
Net (loss) income (in usd per share) (0.45) 0.23 0.07 (0.16) 0.32
Diluted (loss) earnings per common share          
(Loss) income from continuing operations (in usd per share) (0.45) 0.23 0.06 (0.16) 0.26
Income from discontinued operations (in usd per share) 0 0 0.01 0 0.06
Net (loss) income (in usd per share) $ (0.45) 0.23 $ 0.07 $ (0.16) $ 0.32
Class B Common Stock          
Noninterest expense          
(Loss) income from continuing operations $ (133,000)   $ 98,000 $ 89,000 $ 313,000
Income from discontinued operations     6,000   31,000
Preferred stock dividends 32,000   47,000 113,000 152,000
Income allocated to participating securities 0     0  
Participating securities dividends 1,000   2,000 4,000 6,000
Impact of preferred stock redemption $ 48,000   $ 22,000 $ 48,000 $ 23,000
Basic (loss) earnings per common share          
(Loss) income from continuing operations (in usd per share) $ (0.45) 0.23 $ 0.06 $ (0.16) $ 0.26
Income from discontinued operations (in usd per share) 0 0 0.01 0 0.06
Net (loss) income (in usd per share) (0.45) 0.23 0.07 (0.16) 0.32
Diluted (loss) earnings per common share          
(Loss) income from continuing operations (in usd per share) (0.45) 0.23 0.06 (0.16) 0.26
Income from discontinued operations (in usd per share) 0 0 0.01 0 0.06
Net (loss) income (in usd per share) $ (0.45) $ 0.23 $ 0.07 $ (0.16) $ 0.32