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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and Dividend Income        
Loans receivable, including loan fees $ 118,500 $ 109,943 $ 349,212 $ 315,038
Investment securities 4,850 6,142 16,974 15,262
Federal Home Loan Bank stock 393 524 1,122 2,782
Deposits with banks 412 258 1,094 1,105
Total interest and dividend income 124,155 116,867 368,402 334,187
Interest Expense        
Time deposits 10,701 10,407 32,177 28,321
Other deposits 4,212 3,217 11,783 9,010
Securities sold under agreements to repurchase 3,828 3,977 11,696 11,836
Advances from Federal Home Loan Bank 134 164 442 374
Long-term debt 1,456 1,456 4,336 4,320
Total interest expense 20,331 19,221 60,434 53,861
Net interest income before reversal for credit losses 103,824 97,646 307,968 280,326
Reversal for loan losses (1,250) (15,650) (8,400)
Net interest income after reversal for credit losses 103,824 98,896 323,618 288,726
Non-Interest Income        
Securities gains/(losses), net 1,692 (16) 3,141 (3,369)
Letters of credit commissions 1,212 1,455 3,698 4,114
Depository service fees 1,401 1,409 4,109 4,003
Other operating income 4,506 6,308 14,461 18,576
Total non-interest income 8,811 9,156 25,409 23,324
Non-Interest Expense        
Salaries and employee benefits 22,881 20,725 71,313 67,804
Occupancy expense 4,734 4,412 13,587 12,419
Computer and equipment expense 2,337 3,893 7,360 8,783
Professional services expense 4,999 3,792 13,981 11,408
Data processing service expense 2,279 1,895 6,556 5,822
FDIC and State assessments 2,288 2,403 7,640 6,907
Marketing expense 1,516 1,436 3,314 3,577
Other real estate owned expense/(income) (176) 250 612 (1,053)
Amortization of investments in low income housing and alternative energy partnerships 5,432 15,427 35,626 23,277
Amortization of core deposit intangibles 172 169 517 493
Other operating expense 4,275 3,069 10,681 9,750
Total non-interest expense 50,737 57,471 171,187 149,187
Income before income tax expense 61,898 50,581 177,840 162,863
Income tax expense 15,808 12,098 50,756 43,200
Net income 46,090 38,483 127,084 119,663
Other comprehensive income, net of tax        
Unrealized holding gain on securities available-for-sale 938 2,733 15,748 2,837
Less: reclassification adjustments for gains/(losses) included in net income 981 (10) 1,821 (1,953)
Unrealized holding gain/(loss) on cash flow hedge derivatives 804 (2,558) (3,598) (1,818)
Total other comprehensive gain, net of tax 761 185 10,329 2,972
Total comprehensive income $ 46,851 $ 38,668 $ 137,413 $ 122,635
Net income per common share:        
Basic (in dollars per share) $ 0.58 $ 0.47 $ 1.61 $ 1.49
Diluted (in dollars per share) 0.58 0.47 1.59 1.48
Cash dividends paid per common share (in dollars per share) $ 0.18 $ 0.14 $ 0.54 $ 0.38
Weighted-average shares:        
Basic weighted-average number of common shares outstanding (in shares) 78,865,860 81,475,288 79,147,839 80,422,711
Diluted (in shares) 79,697,069 82,285,478 79,902,846 81,105,191