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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and Dividend Income        
Loans receivable, including loan fees $ 146,383 $ 118,500 $ 401,129 $ 349,212
Investment securities 5,692 4,850 14,817 16,974
Federal Home Loan Bank and FRB stock 607 393 1,317 1,122
Term federal funds sold 108 108
Deposits with banks 1,288 412 3,140 1,094
Total interest and dividend income 154,078 124,155 420,511 368,402
Interest Expense        
Time deposits 11,678 10,701 33,429 32,177
Other deposits 5,101 4,212 14,245 11,783
Securities sold under agreements to repurchase 874 3,828 3,489 11,696
Advances from Federal Home Loan Bank 872 134 1,465 442
Long-term debt 1,456 1,456 4,320 4,336
Deferred payments from acquisition 901 901
Total interest expense 20,882 20,331 57,849 60,434
Net interest income before reversal for credit losses 133,196 103,824 362,662 307,968
Reversal for loan losses (2,500) (15,650)
Net interest income after reversal for credit losses 133,196 103,824 365,162 323,618
Non-Interest Income        
Securities gains/(losses), net 24 1,692 (439) 3,141
Letters of credit commissions 1,302 1,212 3,618 3,698
Depository service fees 1,407 1,401 4,259 4,109
Gain from acquisition 5,440 5,440
Other operating income 4,788 4,506 12,953 14,461
Total non-interest income 12,961 8,811 25,831 25,409
Non-Interest Expense        
Salaries and employee benefits 27,913 22,881 79,929 71,313
Occupancy expense 5,312 4,734 14,733 13,587
Computer and equipment expense 2,643 2,337 7,895 7,360
Professional services expense 4,942 4,999 14,541 13,981
Data processing service expense 2,918 2,279 7,846 6,556
FDIC and regulatory assessments 2,552 2,288 7,261 7,640
Marketing expense 2,103 1,516 4,833 3,314
Other real estate owned expense/(income) 369 (176) 747 612
Amortization of investments in low income housing and alternative energy partnerships 5,723 5,432 16,797 35,626
Amortization of core deposit intangibles 281 172 626 517
Acquisition and integration costs 3,277 3,277
Other operating expense 3,215 4,275 11,307 10,681
Total non-interest expense 61,248 50,737 169,792 171,187
Income before income tax expense 84,909 61,898 221,201 177,840
Income tax expense 35,163 15,808 71,099 50,756
Net income 49,746 46,090 150,102 127,084
Other comprehensive income, net of tax        
Unrealized holding gain on securities available-for-sale 1,060 938 3,338 15,748
Less: reclassification adjustments for gains/(losses) included in net income 14 981 (254) 1,821
Unrealized holding gain/(loss) on cash flow hedge derivatives 157 804 (94) (3,598)
Total other comprehensive gain, net of tax 1,203 761 3,498 10,329
Total other comprehensive income $ 50,949 $ 46,851 $ 153,600 $ 137,413
Net income per common share:        
Basic (in dollars per share) $ 0.62 $ 0.58 $ 1.87 $ 1.61
Diluted (in dollars per share) 0.61 0.58 1.86 1.59
Cash dividends paid per common share (in dollars per share) $ 0.21 $ 0.18 $ 0.63 $ 0.54
Weighted-average shares:        
Basic (in shares) 80,665,398 78,865,860 80,073,249 79,147,839
Diluted weighted-average number of common shares outstanding (in shares) 81,404,854 79,697,069 80,797,179 79,902,846