| Key Operating Results of Business Segments |
The following tables show key operating results for each of our business segments used to arrive at our consolidated totals for the years ended December 31
|
(dollars in thousands) |
|
Banking |
|
|
Wealth
Management |
|
|
Other |
|
|
Total |
|
|
2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
136,801 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
136,801 |
|
|
Interest expense |
|
|
22,530 |
|
|
|
— |
|
|
|
653 |
|
|
|
23,183 |
|
|
Net interest income |
|
|
114,271 |
|
|
|
— |
|
|
|
(653 |
) |
|
|
113,618 |
|
|
Provision for loan losses |
|
|
2,762 |
|
|
|
— |
|
|
|
— |
|
|
|
2,762 |
|
|
Noninterest income |
|
|
16,016 |
|
|
|
23,556 |
|
|
|
(853 |
) |
|
|
38,719 |
|
|
Noninterest expense |
|
|
73,990 |
|
|
|
20,469 |
|
|
|
4,517 |
|
|
|
98,976 |
|
|
Income (loss) before taxes on income |
|
$ |
53,535 |
|
|
$ |
3,087 |
|
|
$ |
(6,023 |
) |
|
$ |
50,599 |
|
|
2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
100,642 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
100,642 |
|
|
Interest expense |
|
|
11,193 |
|
|
|
— |
|
|
|
— |
|
|
|
11,193 |
|
|
Net interest income |
|
|
89,449 |
|
|
|
— |
|
|
|
— |
|
|
|
89,449 |
|
|
Provision for loan losses |
|
|
4,681 |
|
|
|
— |
|
|
|
— |
|
|
|
4,681 |
|
|
Noninterest income |
|
|
13,832 |
|
|
|
21,348 |
|
|
|
(620 |
) |
|
|
34,560 |
|
|
Noninterest expense |
|
|
58,422 |
|
|
|
19,232 |
|
|
|
3,340 |
|
|
|
80,994 |
|
|
Income (loss) before taxes on income |
|
$ |
40,178 |
|
|
$ |
2,116 |
|
|
$ |
(3,960 |
) |
|
$ |
38,334 |
|
|
2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
64,471 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
64,471 |
|
|
Interest expense |
|
|
5,607 |
|
|
|
— |
|
|
|
674 |
|
|
|
6,281 |
|
|
Net interest income |
|
|
58,864 |
|
|
|
— |
|
|
|
(674 |
) |
|
|
58,190 |
|
|
Provision for loan losses |
|
|
2,673 |
|
|
|
— |
|
|
|
— |
|
|
|
2,673 |
|
|
Noninterest income |
|
|
8,833 |
|
|
|
20,530 |
|
|
|
(590 |
) |
|
|
28,773 |
|
|
Noninterest expense |
|
|
39,982 |
|
|
|
18,352 |
|
|
|
3,124 |
|
|
|
61,458 |
|
|
Income (loss) before taxes on income |
|
$ |
25,042 |
|
|
$ |
2,178 |
|
|
$ |
(4,388 |
) |
|
$ |
22,832 |
|
|
| Summary of Financial Position of Business Segments |
The following tables show the financial position for each of our business segments, and of FFI which is included in the column labeled Other, and the eliminating entries used to arrive at our consolidated totals at December 31:
|
(dollars in thousands) |
|
Banking |
|
|
Wealth
Management |
|
|
Other |
|
|
Eliminations |
|
|
Total |
|
|
2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
120,261 |
|
|
$ |
4,407 |
|
|
$ |
12,664 |
|
|
$ |
(16,938 |
) |
|
$ |
120,394 |
|
|
Securities AFS |
|
|
519,364 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
519,364 |
|
|
Loans Held For Sale |
|
|
154,380 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
154,380 |
|
|
Loans, net |
|
|
3,645,327 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,645,327 |
|
|
Premises and equipment |
|
|
5,519 |
|
|
|
926 |
|
|
|
136 |
|
|
|
— |
|
|
|
6,581 |
|
|
FHLB Stock |
|
|
19,060 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19,060 |
|
|
Deferred taxes |
|
|
12,008 |
|
|
|
172 |
|
|
|
(37 |
) |
|
|
— |
|
|
|
12,143 |
|
|
REO |
|
|
2,920 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,920 |
|
|
Goodwill and Intangibles |
|
|
33,576 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33,576 |
|
|
Other assets |
|
|
25,521 |
|
|
|
179 |
|
|
|
431,335 |
|
|
|
(429,595 |
) |
|
|
27,440 |
|
|
Total assets |
|
$ |
4,537,936 |
|
|
$ |
5,684 |
|
|
$ |
444,098 |
|
|
$ |
(446,533 |
) |
|
$ |
4,541,185 |
|
|
Deposits |
|
$ |
3,460,465 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(16,938 |
) |
|
$ |
3,443,527 |
|
|
Borrowings |
|
|
628,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
678,000 |
|
|
Intercompany balances |
|
|
3,301 |
|
|
|
643 |
|
|
|
(3,944 |
) |
|
|
— |
|
|
|
— |
|
|
Other liabilities |
|
|
18,646 |
|
|
|
2,970 |
|
|
|
3,091 |
|
|
|
— |
|
|
|
24,707 |
|
|
Shareholders’ equity |
|
|
427,524 |
|
|
|
2,071 |
|
|
|
394,951 |
|
|
|
(429,595 |
) |
|
|
394,951 |
|
|
Total liabilities and equity |
|
$ |
4,537,936 |
|
|
$ |
5,684 |
|
|
$ |
444,098 |
|
|
$ |
(446,533 |
) |
|
$ |
4,541,185 |
|
|
2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
597,795 |
|
|
$ |
2,576 |
|
|
$ |
6,318 |
|
|
$ |
(8,743 |
) |
|
$ |
597,946 |
|
|
Securities AFS |
|
|
509,578 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
509,578 |
|
|
Loans Held For Sale |
|
|
250,942 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
250,942 |
|
|
Loans, net |
|
|
2,540,309 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,540,309 |
|
|
Premises and equipment |
|
|
5,603 |
|
|
|
991 |
|
|
|
136 |
|
|
|
— |
|
|
|
6,730 |
|
|
FHLB Stock |
|
|
33,750 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33,750 |
|
|
Deferred taxes |
|
|
16,602 |
|
|
|
283 |
|
|
|
(74 |
) |
|
|
— |
|
|
|
16,811 |
|
|
REO |
|
|
1,734 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,734 |
|
|
Goodwill and Intangibles |
|
|
2,177 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,177 |
|
|
Other assets |
|
|
13,270 |
|
|
|
445 |
|
|
|
274,256 |
|
|
|
(272,545 |
) |
|
|
15,426 |
|
|
Total assets |
|
$ |
3,971,760 |
|
|
$ |
4,295 |
|
|
$ |
280,636 |
|
|
$ |
(281,288 |
) |
|
$ |
3,975,403 |
|
|
Deposits |
|
$ |
2,435,538 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(8,743 |
) |
|
$ |
2,426,795 |
|
|
Borrowings |
|
|
1,250,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,250,000 |
|
|
Intercompany balances |
|
|
3,019 |
|
|
|
539 |
|
|
|
(3,558 |
) |
|
|
— |
|
|
|
— |
|
|
Other liabilities |
|
|
11,670 |
|
|
|
2,744 |
|
|
|
(70 |
) |
|
|
— |
|
|
|
14,344 |
|
|
Shareholders’ equity |
|
|
271,533 |
|
|
|
1,012 |
|
|
|
284,264 |
|
|
|
(272,545 |
) |
|
|
284,264 |
|
|
Total liabilities and equity |
|
$ |
3,971,760 |
|
|
$ |
4,295 |
|
|
$ |
280,636 |
|
|
$ |
(281,288 |
) |
|
$ |
3,975,403 |
|
|