| Summary of consolidated quarterly financial data |
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2016
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Fourth
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Third
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Second
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First
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(dollars in thousands, except per share data)
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Quarter
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Quarter
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Quarter
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Quarter(1)
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Interest income
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$
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45,903
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$
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43,934
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$
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40,140
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$
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44,015
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Interest expense
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4,258
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4,536
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4,563
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4,581
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Net interest income
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41,645
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39,398
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35,577
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39,434
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Provision for loan and lease losses(2)
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5,004
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2,489
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1,814
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5,186
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Net interest income after provision
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36,641
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36,909
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33,763
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34,248
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Noninterest income(3)
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10,485
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11,301
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10,802
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24,921
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Noninterest expenses(4)
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32,166
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33,534
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31,866
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32,541
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Income before income taxes
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14,960
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14,676
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12,699
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26,628
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Income tax expense
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4,960
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4,848
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4,359
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8,893
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Net income
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10,000
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9,828
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8,340
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17,735
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Basic earnings per share:
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Class A Common Stock
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0.48
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0.47
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0.40
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0.86
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Class B Common Stock
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0.44
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0.43
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0.37
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0.78
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Diluted earnings per share:
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Class A Common Stock
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0.48
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0.47
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0.40
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0.85
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Class B Common Stock
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0.44
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0.43
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0.37
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0.77
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Dividends declared per common share:
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Class A Common Stock
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0.209
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0.209
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0.209
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0.198
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Class B Common Stock
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0.190
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0.190
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0.190
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0.180
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2015
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Fourth
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Third
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Second
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First
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(dollars in thousands, except per share data)
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Quarter
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Quarter
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Quarter
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Quarter(1)
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Interest income
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$
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36,842
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$
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36,107
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$
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35,722
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$
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33,761
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Interest expense
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4,376
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4,683
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4,664
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4,739
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Net interest income
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32,466
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31,424
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31,058
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29,022
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Provision for loan and lease losses
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2,074
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2,233
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904
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185
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Net interest income after provision
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30,392
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29,191
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30,154
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28,837
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Noninterest income(3)
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7,717
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7,806
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9,485
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22,986
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Noninterest expenses(4)
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26,847
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28,238
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27,165
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31,074
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Income before income tax expense
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11,262
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8,759
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12,474
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20,749
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Income tax expense
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3,844
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3,119
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4,154
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6,961
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Net income
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7,418
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5,640
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8,320
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13,788
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Basic earnings per share:
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Class A Common Stock
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0.36
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0.27
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0.40
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0.66
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Class B Common Stock
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0.33
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0.25
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0.37
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0.65
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Diluted earnings per share:
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Class A Common Stock
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0.36
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0.27
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0.40
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0.66
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Class B Common Stock
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0.33
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0.25
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0.36
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0.64
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Dividends declared per common share:
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Class A Common Stock
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0.198
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0.198
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0.198
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0.187
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Class B Common Stock
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0.180
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0.180
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0.180
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0.170
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(1)
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The first quarters of 2016 and 2015 were significantly impacted by the TRS division of RPG. |
The relatively higher levels of provision expense during the first and fourth quarters of 2016 were driven primarily by provision expense at the RPG segment. Provision expense at RPG was $4.7 million during the first quarter of 2016 and was primarily driven by the TRS division’s EA product. Provision expense at RPG was $3.3 million during the fourth quarter of 2016 and was primarily driven by short-term consumer loans originated through the RCS division of RPG.
During the third quarter of 2016, the Company recorded a $1.1 million gain on the bulk-loan sale of approximately $71 million of its correspondent loan portfolio.
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(4)
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Noninterest expenses: |
During the fourth quarters of 2016 and 2015, the Company reversed $1.7 million and $2.3 million of incentive compensation accruals based on revised payout estimates.
During the third quarter of 2015, the Company reversed $450,000 of incentive compensation accruals based on revised payout estimates.
During the third quarter of 2016, The Company incurred an $846,000 prepayment penalty on payoff of $50 million in FHLB advances
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