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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and dividend income      
Loans, including fees $ 333,934 $ 329,272 $ 281,071
Securities 48,134 83,567 99,742
Other interest-earning assets 9,043 9,957 8,377
Total interest and dividend income 391,111 422,796 389,190
Interest expense      
Deposits 101,099 91,236 60,414
Federal Home Loan Bank advances 32,285 34,995 12,951
Securities sold under repurchase agreements 62 1,033 880
Long-term debt and other interest-bearing liabilities 9,502 9,456 10,755
Total interest expense 142,948 136,720 85,000
Net interest income 248,163 286,076 304,190
Provision for loan losses 36,387 30,215 13,699
Net interest income after provision for loan losses 211,776 255,861 290,491
Noninterest income      
Customer service fees 5,982 6,315 6,492
Loan servicing income 679 3,720 1,025
Income from bank owned life insurance 2,292 2,176 2,339
Impairment loss on investment securities (731) (3,252) 0
Net (loss) gain on sale of securities available-for-sale (4,852) 5,532 14,768
Net gain on sale of loans 7,872 1,932 11,942
Net loss on sale of mortgage servicing rights 0 (2,260) 0
Other income 874 9,752 8,104
Total noninterest income 12,116 23,915 44,670
Noninterest expense      
Salaries and employee benefits 105,915 109,974 129,153
Occupancy and equipment 31,308 31,847 38,391
Professional fees 12,212 33,652 42,417
Outside service fees 1,697 4,667 5,840
Data processing 6,420 6,951 7,888
Advertising 8,422 12,664 5,313
Regulatory assessments 7,711 7,678 8,105
Loss on investments in alternative energy partnerships, net 1,694 5,044 30,786
Reversal of provision for loan repurchases (660) (2,488) (1,812)
Amortization of intangible assets 2,195 3,007 3,928
Impairment on intangible assets 0 0 336
Restructuring expense 4,263 4,431 5,326
All other expense 14,737 15,358 32,597
Total noninterest expense 195,914 232,785 308,268
Income from continuing operations before income taxes 27,978 46,991 26,893
Income tax expense (benefit) 4,219 4,844 (26,581)
Income from continuing operations 23,759 42,147 53,474
Income from discontinued operations before income taxes (including net gain on disposal of $0, $1,439 and $13,796 for the year ended December 31, 2019, 2018 and 2017) 0 4,596 7,164
Income tax expense 0 1,271 2,929
Income from discontinued operations 0 3,325 4,235
Net income 23,759 45,472 57,709
Preferred stock dividends 15,559 19,504 20,451
Less: Income allocated to participating securities 0 0 311
Less participating securities dividends 483 811 811
Impact of preferred stock redemption 5,093 2,307 0
Net income available to common stockholders $ 2,624 $ 22,850 $ 36,136
Basic earnings per common share      
Income from continuing operations (in dollars per share) $ 0.05 $ 0.38 $ 0.64
Income from discontinued operations (in dollars per share) 0 0.07 0.08
Net income (in dollars per share) 0.05 0.45 0.72
Diluted earnings per common share      
Income from continuing operations (in dollars per share) 0.05 0.38 0.63
Income from discontinued operations (in dollars per share) 0 0.07 0.08
Net income (in dollars per share) $ 0.05 $ 0.45 $ 0.71
Class A Common Stock      
Noninterest expense      
Income from continuing operations $ 23,535 $ 41,732 $ 53,136
Income from discontinued operations 0 3,292 4,208
Preferred stock dividends 15,412 19,312 20,322
Less: Income allocated to participating securities 0 0 309
Less participating securities dividends 478 803 806
Impact of preferred stock redemption $ 5,045 $ 2,284 $ 0
Basic earnings per common share      
Income from continuing operations (in dollars per share) $ 0.05 $ 0.38 $ 0.64
Income from discontinued operations (in dollars per share) 0 0.07 0.08
Net income (in dollars per share) 0.05 0.45 0.72
Diluted earnings per common share      
Income from continuing operations (in dollars per share) 0.05 0.38 0.63
Income from discontinued operations (in dollars per share) 0 0.07 0.08
Net income (in dollars per share) $ 0.05 $ 0.45 $ 0.71
Class B Common Stock      
Noninterest expense      
Income from continuing operations $ 224 $ 415 $ 338
Income from discontinued operations 0 33 27
Preferred stock dividends 147 192 129
Less: Income allocated to participating securities 0 0 2
Less participating securities dividends 5 8 5
Impact of preferred stock redemption $ 48 $ 23 $ 0
Basic earnings per common share      
Income from continuing operations (in dollars per share) $ 0.05 $ 0.38 $ 0.64
Income from discontinued operations (in dollars per share) 0 0.07 0.08
Net income (in dollars per share) 0.05 0.45 0.72
Diluted earnings per common share      
Income from continuing operations (in dollars per share) 0.05 0.38 0.64
Income from discontinued operations (in dollars per share) 0 0.07 0.08
Net income (in dollars per share) $ 0.05 $ 0.45 $ 0.72