XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and Dividend Income        
Loans receivable, including loan fees $ 129,836 $ 115,822 $ 254,746 $ 230,712
Investment securities 4,719 5,265 9,125 12,124
Federal Home Loan Bank stock 298 382 710 729
Deposits with banks 776 433 1,852 682
Total interest and dividend income 135,629 121,902 266,433 244,247
Interest Expense        
Time deposits 10,769 10,619 21,751 21,476
Other deposits 4,698 3,931 9,144 7,571
Securities sold under agreements to repurchase 1,065 3,934 2,615 7,868
Advances from Federal Home Loan Bank 305 202 593 308
Long-term debt 1,440 1,440 2,864 2,880
Total interest expense 18,277 20,126 36,967 40,103
Net interest income before reversal for credit losses 117,352 101,776 229,466 204,144
Reversal for loan losses (5,150) (2,500) (15,650)
Net interest income after reversal for credit losses 117,352 106,926 231,966 219,794
Non-Interest Income        
Securities gains/(losses), net 3 1,655 (463) 1,449
Letters of credit commissions 1,193 1,205 2,316 2,486
Depository service fees 1,344 1,385 2,852 2,708
Other operating income 3,612 4,812 8,165 9,955
Total non-interest income 6,152 9,057 12,870 16,598
Non-Interest Expense        
Salaries and employee benefits 26,145 21,501 52,016 48,432
Occupancy expense 4,722 4,484 9,421 8,853
Computer and equipment expense 2,528 2,443 5,252 5,023
Professional services expense 5,343 4,614 9,599 8,982
Data processing service expense 2,396 2,027 4,928 4,277
FDIC and State assessments 2,189 2,763 4,709 5,352
Marketing expense 1,859 1,002 2,730 1,798
Other real estate owned expense 317 493 378 788
Amortization of investments in low income housing and alternative energy partnerships 6,224 27,400 11,074 30,194
Amortization of core deposit intangibles 173 173 345 345
Other operating expense 4,762 1,979 8,092 6,406
Total non-interest expense 56,658 68,879 108,544 120,450
Income before income tax expense 66,846 47,104 136,292 115,942
Income tax expense 15,431 12,273 35,936 34,948
Net income 51,415 34,831 100,356 80,994
Other comprehensive income, net of tax        
Unrealized holding gain on securities available-for-sale 2,774 4,456 2,278 14,810
Less: reclassification adjustments for losses included in net income 2 959 (268) 840
Unrealized holding loss on cash flow hedge derivatives (550) (1,282) (251) (4,402)
Total other comprehensive gain, net of tax 2,222 2,215 2,295 9,568
Total other comprehensive income $ 53,637 $ 37,046 $ 102,651 $ 90,562
Net income per common share:        
Basic (in dollars per share) $ 0.64 $ 0.44 $ 1.26 $ 1.02
Diluted (in dollars per share) 0.64 0.44 1.25 1.01
Cash dividends paid per common share (in dollars per share) $ 0.21 $ 0.18 $ 0.42 $ 0.36
Weighted-average shares:        
Basic (in shares) 79,840,188 78,846,237 79,772,268 79,290,378
Diluted weighted-average number of common shares outstanding (in shares) 80,562,607 79,619,883 80,488,306 80,006,866