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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest and Dividend Income        
Loans receivable, including loan fees $ 109,943 $ 100,151 $ 315,038 $ 290,337
Investment securities 6,142 5,105 15,262 19,389
Federal Home Loan Bank stock 524 508 2,782 1,379
Deposits with banks 258 571 1,105 1,499
Total interest and dividend income 116,867 106,335 334,187 312,604
Interest Expense        
Time deposits 10,407 9,117 28,321 26,155
Other deposits 3,217 2,995 9,010 7,826
Securities sold under agreements to repurchase 3,977 5,858 11,836 19,731
Advances from Federal Home Loan Bank 164 153 374 849
Long-term debt 1,456 1,456 4,320 3,012
Short-term borrowings   1   1
Total interest expense 19,221 19,580 53,861 57,574
Net interest income before reversal for credit losses 97,646 86,755 280,326 255,030
Reversal for loan losses (1,250) (5,100) (8,400) (8,800)
Net interest income after reversal for credit losses 98,896 91,855 288,726 263,830
Non-Interest Income        
Securities (losses)/gains, net (16) 361 (3,369) 6,827
Letters of credit commissions 1,455 1,559 4,114 4,547
Depository service fees 1,409 1,330 4,003 3,999
Other operating income 6,308 5,724 18,576 17,181
Total non-interest income 9,156 8,974 23,324 32,554
Non-Interest Expense        
Salaries and employee benefits 20,725 22,630 67,804 69,472
Occupancy expense 4,412 3,934 12,419 11,692
Computer and equipment expense 3,893 2,471 8,783 7,307
Professional services expense 5,687 5,991 17,230 16,410
FDIC and State assessments 2,403 2,261 6,907 6,692
Marketing expense 1,436 639 3,577 2,722
Other real estate owned expense/(income) 250 (1,011) (1,053) (629)
Amortization of investments in low income housing and alternative energy partnerships 15,427 1,672 23,277 5,126
Amortization of core deposit intangibles 169 214 493 510
Costs associated with debt redemption   527   3,348
Other operating expense 3,069 3,279 9,750 10,538
Total non-interest expense 57,471 42,607 149,187 133,188
Income before income tax expense 50,581 58,222 162,863 163,196
Income tax expense 12,098 22,313 43,200 60,944
Net income 38,483 35,909 119,663 102,252
Other comprehensive income, net of tax        
Unrealized holding gain on securities available-for-sale 2,733 170 2,837 25,014
Less: reclassification adjustments included in net income (10) 209 (1,953) 3,957
Unrealized holding (loss)/gain on cash flow hedge derivatives (2,558) 100 (1,818) (163)
Total other comprehensive gain, net of tax 185 61 2,972 20,894
Total comprehensive income $ 38,668 $ 35,970 $ 122,635 $ 123,146
Net income per common share:        
Basic (in Dollars per share) $ 0.47 $ 0.45 $ 1.49 $ 1.28
Diluted (in Dollars per share) 0.47 0.45 1.48 1.28
Cash dividends paid per common share (in Dollars per share) $ 0.14 $ 0.07 $ 0.38 $ 0.19
Average common shares outstanding        
Basic (in Shares) 81,475,288 79,677,952 80,422,711 79,639,202
Diluted (in Shares) 82,285,478 80,176,100 81,105,190 80,087,819