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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and Dividend Income        
Loans receivable, including loan fees $ 187,827 $ 168,179 $ 548,395 $ 478,128
Investment securities 8,687 7,546 24,454 21,212
Federal Home Loan Bank stock 301 303 903 1,079
Deposits with banks 1,016 838 4,289 3,667
Total interest and dividend income 197,831 176,866 578,041 504,086
Interest Expense        
Time deposits 40,378 22,135 113,992 56,593
Other deposits 6,626 5,474 17,591 14,892
Securities sold under agreements to repurchase 0 124 0 1,446
Advances from Federal Home Loan Bank 1,661 1,430 5,976 3,286
Long-term debt 1,948 2,220 6,087 6,465
Deferred payments from acquisition 93 399 502 946
Short-term borrowings 125 0 198 0
Total interest expense 50,831 31,782 144,346 83,628
Net interest income before reversal for credit losses 147,000 145,084 433,695 420,458
Reversal for credit losses (2,000) (1,500) (2,000) (4,500)
Net interest income after reversal for credit losses 149,000 146,584 435,695 424,958
Non-Interest Income        
Net gains/(losses) from equity securities 364 391 7,764 (4,580)
Securities losses, net (121) (14) (108) (14)
Letters of credit commissions 1,602 1,459 4,733 4,110
Depository service fees 7,586 6,931 22,791 20,813
Gain from acquisition 0 0 0 340
Other operating income 7,424 4,780 20,097 17,151
Total non-interest income 10,388 7,835 36,103 20,912
Non-Interest Expense        
Salaries and employee benefits 31,915 30,514 97,200 91,491
Occupancy expense 5,579 5,186 16,617 15,808
Computer and equipment expense 2,741 2,772 8,453 8,477
Professional services expense 5,952 5,286 17,209 17,055
Data processing service expense 3,246 3,080 9,737 9,450
FDIC and regulatory assessments 2,582 2,555 7,190 6,732
Marketing expense 2,436 1,263 5,556 5,521
Other real estate owned expense/(income) 190 (21) 839 (236)
Amortization of investments in low income housing and alternative energy partnerships 6,997 11,115 26,909 21,989
Amortization of core deposit intangibles 172 190 515 704
Acquisition and integration costs 0 179 0 2,083
Other operating expense 3,770 3,845 15,871 10,949
Total non-interest expense 65,580 65,964 206,096 190,023
Income before income tax expense 93,808 88,455 265,702 255,847
Income tax expense 20,973 18,698 53,944 48,610
Net income 72,835 69,757 211,758 207,237
Other Comprehensive Income, net of tax        
Unrealized holding gains/(losses) on securities available-for-sale 1,233 (2,538) 21,216 (16,803)
Unrealized holding (losses)/gains on cash flow hedge derivatives (793) 1,666 (4,119) 4,595
Less: reclassification adjustments for losses included in net income (85) (10) (76) (10)
Total other comprehensive gain/(loss), net of tax 525 (862) 17,173 (12,198)
Total other comprehensive income $ 73,360 $ 68,895 $ 228,931 $ 195,039
Net Income Per Common Share:        
Basic (in dollars per share) $ 0.91 $ 0.86 $ 2.64 $ 2.55
Diluted (in dollars per share) 0.91 0.85 2.64 2.53
Cash dividends (in dollars per share) $ 0.31 $ 0.24 $ 0.93 $ 0.72
Average Common Shares Outstanding:        
Basic (in shares) 79,736,814 81,311,899 80,096,855 81,224,555
Diluted (in shares) 79,993,830 81,855,271 80,330,616 81,770,874
Deposit Account [Member]        
Non-Interest Income        
Depository service fees $ 1,119 $ 1,219 $ 3,617 $ 3,905