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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and Dividend Income        
Loans receivable, including loan fees $ 168,179 $ 146,383 $ 478,128 $ 401,129
Investment securities 7,546 5,692 21,212 14,817
Federal Home Loan Bank stock 303 607 1,079 1,317
Term federal funds sold 108 108
Deposits with banks 838 1,288 3,667 3,140
Total interest and dividend income 176,866 154,078 504,086 420,511
Interest Expense        
Time deposits 22,135 11,678 56,593 33,429
Other deposits 5,474 5,101 14,892 14,245
Securities sold under agreements to repurchase 124 874 1,446 3,489
Advances from Federal Home Loan Bank 1,430 872 3,286 1,465
Long-term debt 2,220 1,456 6,465 4,320
Deferred payments from acquisition 399 901 946 901
Total interest expense 31,782 20,882 83,628 57,849
Net interest income before reversal for credit losses 145,084 133,196 420,458 362,662
Reversal for credit losses (1,500) (4,500) (2,500)
Net interest income after reversal for credit losses 146,584 133,196 424,958 365,162
Non-Interest Income        
Net gains/(losses) from equity securities 391 (4,580)
Securities (losses)/gains, net (14) 24 (14) (439)
Letters of credit commissions 1,459 1,302 4,110 3,618
Depository service fees 6,931 6,502 20,813 19,161
Gain from acquisition 5,440 340 5,440
Other operating income 4,780 4,788 17,151 12,953
Total non-interest income [1] 7,835 12,961 20,912 25,831
Non-Interest Expense        
Salaries and employee benefits 30,514 27,913 91,491 79,929
Occupancy expense 5,186 5,312 15,808 14,733
Computer and equipment expense 2,772 2,643 8,477 7,895
Professional services expense 5,286 4,942 17,055 14,541
Data processing service expense 3,080 2,918 9,450 7,846
FDIC and regulatory assessments 2,555 2,552 6,732 7,261
Marketing expense 1,263 2,103 5,521 4,833
Other real estate owned (income)/expense (21) 369 (236) 747
Amortization of investments in low income housing and alternative energy partnerships 11,115 5,723 21,989 16,797
Amortization of core deposit intangibles 190 281 704 626
Acquisition and integration costs 179 3,277 2,083 3,277
Other operating expense 3,845 3,215 10,949 11,307
Total non-interest expense 65,964 61,248 190,023 169,792
Income before income tax expense 88,455 84,909 255,847 221,201
Income tax expense 18,698 35,163 48,610 71,099
Net income 69,757 49,746 207,237 150,102
Other comprehensive income, net of tax        
Unrealized holding (losses)/gains on securities available-for-sale (2,538) 1,060 (16,803) 3,338
Unrealized holding gain/(loss) on cash flow hedge derivatives 1,666 157 4,595 (94)
Less: reclassification adjustments for (losses)/gains included in net income (10) 14 (10) (254)
Total other comprehensive gain, net of tax (862) 1,203 (12,198) 3,498
Total other comprehensive income $ 68,895 $ 50,949 $ 195,039 $ 153,600
Net income per common share:        
Basic (in dollars per share) $ 0.86 $ 0.62 $ 2.55 $ 1.87
Diluted (in dollars per share) 0.85 0.61 2.53 1.86
Cash dividends paid per common share (in dollars per share) $ 0.24 $ 0.21 $ 0.72 $ 0.63
Weighted-average shares:        
Basic (in shares) 81,311,899 80,665,398 81,224,555 80,073,249
Diluted weighted-average number of common shares outstanding (in shares) 81,855,271 81,404,854 81,770,874 80,797,179
Deposit Account [Member]        
Non-Interest Income        
Depository service fees $ 1,219 $ 1,407 $ 3,905 $ 4,259
[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.