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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and Dividend Income        
Loans receivable, including loan fees $ 182,291 $ 158,659 $ 360,568 $ 309,949
Investment securities 8,477 7,208 15,767 13,666
Federal Home Loan Bank stock 298 380 602 776
Deposits with banks 1,383 1,273 3,273 2,829
Total interest and dividend income 192,449 167,520 380,210 327,220
Interest Expense        
Time deposits 39,491 18,730 73,614 34,458
Other deposits 5,588 4,832 10,965 9,418
Securities sold under agreements to repurchase 0 608 0 1,322
Advances from Federal Home Loan Bank 1,725 885 4,315 1,856
Long-term debt 2,007 2,163 4,139 4,245
Deferred payments from acquisition 192 271 409 547
Short-term borrowings 67 0 73 0
Total interest expense 49,070 27,489 93,515 51,846
Net interest income before reversal for credit losses 143,379 140,031 286,695 275,374
Reversal for credit losses 0 0 0 (3,000)
Net interest income after reversal for credit losses 143,379 140,031 286,695 278,374
Non-Interest Income        
Net gains/(losses) from equity securities 3,237 (1,124) 7,400 (4,971)
Securities gains/(losses), net 13 0 13 0
Letters of credit commissions 1,577 1,376 3,131 2,651
Depository service fees 8,092 7,015 15,204 13,882
Gain from acquisition 0 0 0 340
Other operating income 6,724 6,274 12,673 12,371
Total non-interest income 12,794 7,767 25,715 13,077
Non-Interest Expense        
Salaries and employee benefits 33,153 30,600 65,285 60,977
Occupancy expense 5,489 5,170 11,038 10,622
Computer and equipment expense 2,833 2,611 5,712 5,705
Professional services expense 6,000 5,730 11,257 11,769
Data processing service expense 3,081 3,151 6,491 6,370
FDIC and regulatory assessments 2,132 2,142 4,608 4,177
Marketing expense 979 3,400 3,120 4,258
Other real estate owned expense/(income) 369 (3) 649 (215)
Amortization of investments in low income housing and alternative energy partnerships 9,102 5,113 19,912 10,874
Amortization of core deposit intangibles 171 280 343 514
Acquisition and integration costs 0 1,735 0 1,904
Other operating expense 6,237 3,159 12,101 7,104
Total non-interest expense 69,546 63,088 140,516 124,059
Income before income tax expense 86,627 84,710 171,894 167,392
Income tax expense 14,383 11,046 32,971 29,912
Net income 72,244 73,664 138,923 137,480
Other Comprehensive Income, net of tax        
Unrealized holding gains/(losses) on securities available-for-sale 11,175 (2,751) 19,974 (14,265)
Unrealized holding (losses)/gains on cash flow hedge derivatives (2,102) 736 (3,326) 2,929
Total other comprehensive gain/(loss), net of tax 9,073 (2,015) 16,648 (11,336)
Total other comprehensive income $ 81,317 $ 71,649 $ 155,571 $ 126,144
Net Income Per Common Share:        
Basic (in dollars per share) $ 0.90 $ 0.91 $ 1.73 $ 1.69
Diluted (in dollars per share) 0.90 0.90 1.73 1.68
Cash dividends (in dollars per share) $ 0.31 $ 0.24 $ 0.62 $ 0.48
Average Common Shares Outstanding:        
Basic (in shares) 80,106,329 81,236,315 80,279,859 81,180,160
Diluted (in shares) 80,302,679 81,774,986 80,501,800 81,727,977
Deposit Account [Member]        
Non-Interest Income        
Depository service fees $ 1,243 $ 1,241 $ 2,498 $ 2,686