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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and Dividend Income        
Loans receivable, including loan fees $ 104,995 $ 97,454 $ 205,095 $ 190,186
Investment securities 5,346 6,708 9,120 14,284
Federal Home Loan Bank stock 1,677 421 2,258 871
Deposits with banks 368 479 847 928
Total interest and dividend income 112,386 105,062 217,320 206,269
Interest Expense        
Time deposits 9,122 8,637 17,914 17,038
Other deposits 3,019 2,540 5,793 4,831
Securities sold under agreements to repurchase 3,934 6,943 7,859 13,873
Advances from Federal Home Loan Bank 117 497 210 696
Long-term debt 1,440 828 2,864 1,556
Total interest expense 17,632 19,445 34,640 37,994
Net interest income before reversal for credit losses 94,754 85,617 182,680 168,275
Reversal for loan losses (2,150) (3,700) (7,150) (3,700)
Net interest income after reversal for credit losses 96,904 89,317 189,830 171,975
Non-Interest Income        
Securities (losses)/gains, net (3,332) 506 (3,353) 6,466
Letters of credit commissions 1,391 1,520 2,659 2,988
Depository service fees 1,293 1,306 2,594 2,669
Other operating income 6,267 5,689 12,268 11,457
Total non-interest income 5,619 9,021 14,168 23,580
Non-Interest Expense        
Salaries and employee benefits 24,463 23,391 47,079 46,842
Occupancy expense 3,986 3,896 8,007 7,758
Computer and equipment expense 2,292 2,534 4,794 4,836
Professional services expense 6,287 5,263 11,639 10,419
FDIC and State assessments 2,244 2,277 4,504 4,431
Marketing expense 1,321 1,519 2,141 2,083
Other real estate owned (income)/expense (1,786) (377) (1,303) 382
Amortization of investments in low income housing and alternative energy partnerships 5,467 1,018 7,850 3,454
Amortization of core deposit intangibles 147 124 324 296
Costs associated with debt redemption   (555)   2,821
Other operating expense 3,164 3,423 6,681 7,259
Total non-interest expense 47,585 42,513 91,716 90,581
Income before income tax expense 54,938 55,825 112,282 104,974
Income tax expense 9,738 20,741 31,102 38,631
Net income 45,200 35,084 81,180 66,343
Other comprehensive income, net of tax        
Unrealized holding (loss)/gain on securities available-for-sale (6,395) 13,750 104 24,844
Less: reclassification adjustments included in net income (1,931) 293 (1,943) 3,748
Unrealized holding gain/(loss) on cash flow hedge derivatives 2,328 (263) 740 (263)
Total other comprehensive (loss)/gain, net of tax (2,136) 13,194 2,787 20,833
Total comprehensive income $ 43,064 $ 48,278 $ 83,967 $ 87,176
Net income per common share:        
Basic (in Dollars per share) $ 0.57 $ 0.44 $ 1.02 $ 0.83
Diluted (in Dollars per share) 0.56 0.44 1.01 0.83
Cash dividends paid per common share (in Dollars per share) $ 0.14 $ 0.07 $ 0.24 $ 0.12
Average common shares outstanding        
Basic (in Shares) 79,939,197 79,642,993 79,887,699 79,619,506
Diluted (in Shares) 80,698,994 80,046,471 80,505,265 80,042,946