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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest and Dividend Income        
Loans receivable, including loan fees $ 158,659 $ 129,836 $ 309,949 $ 254,746
Investment securities 7,208 4,719 13,666 9,125
Federal Home Loan Bank stock 380 298 776 710
Deposits with banks 1,273 776 2,829 1,852
Total interest and dividend income 167,520 135,629 327,220 266,433
Interest Expense        
Time deposits 18,730 10,769 34,458 21,751
Other deposits 4,832 4,698 9,418 9,144
Securities sold under agreements to repurchase 608 1,065 1,322 2,615
Advances from Federal Home Loan Bank 885 305 1,856 593
Long-term debt 2,163 1,440 4,245 2,864
Deferred payments from acquisition 271 547
Total interest expense 27,489 18,277 51,846 36,967
Net interest income before reversal for credit losses 140,031 117,352 275,374 229,466
Reversal for credit losses (3,000) (2,500)
Net interest income after reversal for credit losses 140,031 117,352 278,374 231,966
Non-Interest Income        
Net losses from equity securities (1,124) (4,971)
Securities gains/(losses), net 3 (463)
Letters of credit commissions 1,376 1,193 2,651 2,316
Depository service fees 7,015 5,999 13,882 12,659
Gain from acquisition 340
Other operating income 6,274 3,612 12,371 8,165
Total non-interest income [1] 7,767 6,152 13,077 12,870
Non-Interest Expense        
Salaries and employee benefits 30,600 26,145 60,977 52,016
Occupancy expense 5,170 4,722 10,622 9,421
Computer and equipment expense 2,611 2,528 5,705 5,252
Professional services expense 5,730 5,343 11,769 9,599
Data processing service expense 3,151 2,396 6,370 4,928
FDIC and regulatory assessments 2,142 2,189 4,177 4,709
Marketing expense 3,400 1,859 4,258 2,730
Other real estate owned (income)/expense (3) 317 (215) 378
Amortization of investments in low income housing and alternative energy partnerships 5,113 6,224 10,874 11,074
Amortization of core deposit intangibles 280 173 514 345
Acquisition and integration costs 1,735 1,904
Other operating expense 3,159 4,762 7,104 8,092
Total non-interest expense 63,088 56,658 124,059 108,544
Income before income tax expense 84,710 66,846 167,392 136,292
Income tax expense 11,046 15,431 29,912 35,936
Net income 73,664 51,415 137,480 100,356
Other comprehensive income, net of tax        
Unrealized holding (losses)/gains on securities available-for-sale (2,751) 2,774 (14,265) 2,278
Unrealized holding gain/(loss) on cash flow hedge derivatives 736 (550) 2,929 (251)
Less: reclassification adjustments for gains/(losses) included in net income 2 (268)
Total other comprehensive (loss)/gain, net of tax (2,015) 2,222 (11,336) 2,295
Total other comprehensive income $ 71,649 $ 53,637 $ 126,144 $ 102,651
Net income per common share:        
Basic (in dollars per share) $ 0.91 $ 0.64 $ 1.69 $ 1.26
Diluted (in dollars per share) 0.90 0.64 1.68 1.25
Cash dividends paid per common share (in dollars per share) $ 0.24 $ 0.21 $ 0.48 $ 0.42
Weighted-average shares:        
Basic (in shares) 81,236,315 79,840,188 81,180,160 79,772,268
Diluted weighted-average number of common shares outstanding (in shares) 81,774,986 80,562,607 81,727,977 80,488,305
Deposit Account [Member]        
Non-Interest Income        
Depository service fees $ 1,241 $ 1,344 $ 2,686 $ 2,852
[1] There were no adjustments to the Company's financial statements recorded as a result of the adoption of ASC 606. For comparability, the Company has adjusted prior period amounts to conform to the periods presentation.