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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest and Dividend Income    
Loans receivable, including loan fees $ 124,910 $ 114,890
Investment securities 4,406 6,859
Federal Home Loan Bank stock 412 347
Deposits with banks 1,076 249
Total interest and dividend income 130,804 122,345
Interest Expense    
Time deposits 10,982 10,857
Other deposits 4,446 3,640
Securities sold under agreements to repurchase 1,550 3,934
Advances from Federal Home Loan Bank 288 106
Long-term debt 1,424 1,440
Total interest expense 18,690 19,977
Net interest income before reversal for credit losses 112,114 102,368
Reversal for loan losses (2,500) (10,500)
Net interest income after reversal for credit losses 114,614 112,868
Non-Interest Income    
Securities losses, net (466) (206)
Letters of credit commissions 1,123 1,281
Depository service fees 1,508 1,323
Other operating income 4,553 5,143
Total non-interest income 6,718 7,541
Non-Interest Expense    
Salaries and employee benefits 25,871 26,931
Occupancy expense 4,699 4,369
Computer and equipment expense 2,724 2,580
Professional services expense 4,256 4,368
Data processing service expense 2,532 2,250
FDIC and State assessments 2,520 2,589
Marketing expense 871 796
Other real estate owned expense 61 295
Amortization of investments in low income housing and alternative energy partnerships 4,850 2,794
Amortization of core deposit intangibles 172 172
Other operating expense 3,330 4,427
Total non-interest expense 51,886 51,571
Income before income tax expense 69,446 68,838
Income tax expense 20,505 22,675
Net income 48,941 46,163
Other comprehensive income, net of tax    
Unrealized holding (loss)/gain on securities available-for-sale (496) 10,354
Less: reclassification adjustments for losses included in net income (270) (119)
Unrealized holding gain/(loss) on cash flow hedge derivatives 299 (3,120)
Total other comprehensive gain, net of tax 73 7,353
Total other comprehensive income $ 49,014 $ 53,516
Net income per common share:    
Basic (in dollars per share) $ 0.61 $ 0.58
Diluted (in dollars per share) 0.61 0.57
Cash dividends paid per common share (in dollars per share) $ 0.21 $ 0.18
Average common shares outstanding    
Basic (in shares) 79,703,593 79,734,519
Diluted (in shares) 80,413,178 80,393,849