| Schedule of Quarterly Financial Information |
The following table presents selected quarterly data for the years ended December 31, 2016 and 2015. Quarterly data may not agree to full year results. | | | | | | | | | | | | | | | | | | 2016 | Quarter Ended | December 31 | | September 30 | | June 30 | | March 31 | (amounts in thousands, except per share data) | | Interest income | $ | 83,609 |
| | $ | 84,212 |
| | $ | 81,320 |
| | $ | 73,398 |
| Interest expense | 19,475 |
| | 19,622 |
| | 18,159 |
| | 15,767 |
| Net interest income | 64,134 |
| | 64,590 |
| | 63,161 |
| | 57,631 |
| Provision for loan losses | (261 | ) | | (161 | ) | | 786 |
| | 1,980 |
| Non-interest income | 921 |
| | 11,121 |
| | 5,853 |
| | 5,267 |
| Non-interest expenses | 30,509 |
| | 36,750 |
| | 32,085 |
| | 31,871 |
| Income from continuing operations before income taxes | 34,807 |
| | 39,122 |
| | 36,143 |
| | 29,047 |
| Provision for income taxes | 11,470 |
| | 15,834 |
| | 14,369 |
| | 9,739 |
| Net income from continuing operations | 23,337 |
| | 23,288 |
| | 21,774 |
| | 19,308 |
| Loss from discontinued operations before income taxes | (5,659 | ) | | (3,357 | ) | | (3,696 | ) | | (1,812 | ) | Income tax benefit from discontinued operations | (2,150 | ) | | (1,276 | ) | | (1,405 | ) | | (688 | ) | Net loss from discontinued operations | (3,509 | ) | | (2,081 | ) | | (2,291 | ) | | (1,124 | ) | Net income | 19,828 |
| | 21,207 |
| | 19,483 |
| | 18,184 |
| Preferred stock dividend | 3,615 |
| | 2,552 |
| | 2,062 |
| | 1,286 |
| Net income available to common shareholders | $ | 16,213 |
| | $ | 18,655 |
| | $ | 17,421 |
| | $ | 16,898 |
| Earnings per common share: | | | | | | | | Basic earnings per common share from continuing operations | $ | 0.68 |
| | $ | 0.76 |
| | $ | 0.73 |
| | $ | 0.67 |
| Basic earnings per common share | $ | 0.56 |
| | $ | 0.68 |
| | $ | 0.64 |
| | $ | 0.63 |
| Diluted earnings per common share from continuing operations | $ | 0.62 |
| | $ | 0.70 |
| | $ | 0.67 |
| | $ | 0.62 |
| Diluted earnings per common share | $ | 0.51 |
| | $ | 0.63 |
| | $ | 0.59 |
| | $ | 0.58 |
|
In fourth quarter 2016, Customers elected to early-adopt ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment, and has retroactively applied the guidance effective as of January 1, 2016. As a result of the adoption, Customers recognized excess tax benefits recognized as a a reduction of income tax expense of $4.1 million for the year ended December 31, 2016. The adoption of the ASU also resulted in an increase in weighted average diluted shares of 559,209 for the year ended December 31, 2016 as excess tax benefits are no longer included in assumed proceeds when determining diluted shares outstanding under the treasury method. Form more information regarding the impact of adoption, see NOTE 4 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION. The quarterly data above has been adjusted to reflect the retrospective adoption of this ASU. | | | | | | | | | | | | | | | | | | 2015 | Quarter Ended | December 31 | | September 30 | | June 30 | | March 31 | (amounts in thousands, except per share data) | | Interest income | $ | 67,713 |
| | $ | 63,736 |
| | $ | 59,683 |
| | $ | 58,718 |
| Interest expense | 14,241 |
| | 13,799 |
| | 13,123 |
| | 12,388 |
| Net interest income | 53,472 |
| | 49,937 |
| | 46,560 |
| | 46,330 |
| Provision for loan losses | 6,173 |
| | 2,094 |
| | 9,335 |
| | 2,964 |
| Non-interest income | 9,300 |
| | 6,159 |
| | 6,387 |
| | 5,726 |
| Non-interest expenses | 29,587 |
| | 28,354 |
| | 23,582 |
| | 26,045 |
| Income from continuing operations before income taxes | 27,012 |
| | 25,648 |
| | 20,030 |
| | 23,047 |
| Provision for income taxes | 8,103 |
| | 9,155 |
| | 7,187 |
| | 8,219 |
| Net income from continuing operations | 18,909 |
| | 16,493 |
| | 12,843 |
| | 14,828 |
| Loss from discontinued operations before income taxes | (1,811 | ) | | (1,944 | ) | | (2,074 | ) | | (1,413 | ) | Income tax benefit from discontinued operations | (688 | ) | | (740 | ) | | (787 | ) | | (537 | ) | Net loss from discontinued operations | (1,123 | ) | | (1,204 | ) | | (1,287 | ) | | (876 | ) | Net income | 17,786 |
| | 15,289 |
| | 11,556 |
| | 13,952 |
| Preferred stock dividend | 1,006 |
| | 980 |
| | 507 |
| | — |
| Net income available to common shareholders | $ | 16,780 |
| | $ | 14,309 |
| | $ | 11,049 |
| | $ | 13,952 |
| Earnings per common share: | | | | | | | | Basic earnings per common share from continuing operations | $ | 0.67 |
| | $ | 0.58 |
| | $ | 0.46 |
| | $ | 0.55 |
| Basic earnings per common share | $ | 0.62 |
| | $ | 0.53 |
| | $ | 0.41 |
| | $ | 0.52 |
| Diluted earnings per common share from continuing operations | $ | 0.62 |
| | $ | 0.54 |
| | $ | 0.43 |
| | $ | 0.52 |
| Diluted earnings per common share | $ | 0.58 |
| | $ | 0.50 |
| | $ | 0.39 |
| | $ | 0.49 |
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