XML 26 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Loans receivable, including loan fees $ 177,870 $ 178,277
Investment securities 7,610 7,290
Federal Home Loan Bank stock 305 304
Deposits with banks 951 1,890
Total interest and dividend income 186,736 187,761
Interest Expense    
Time deposits 35,155 34,123
Other deposits 7,991 5,377
Advances from Federal Home Loan Bank 1,552 2,590
Long-term debt 1,440 2,132
Deferred payments from acquisition 58 217
Short-term borrowings 229 6
Total interest expense 46,425 44,445
Net interest income before provision for credit losses 140,311 143,316
Provision for credit losses (25,000) 0
Net interest income after provision for credit losses 115,311 143,316
Non-Interest Income    
Net (losses)/gains from equity securities (6,102) 4,163
Securities losses, net 6 0
Letters of credit commissions 1,640 1,554
Depository service fees 1,298 1,255
Other operating income 8,944 5,949
Total non-interest income 5,786 12,921
Non-Interest Expense    
Salaries and employee benefits 30,939 32,132
Occupancy expense 5,177 5,549
Computer and equipment expense 2,593 2,879
Professional services expense 5,145 5,257
Data processing service expense 3,666 3,410
FDIC and regulatory assessments 2,415 2,476
Marketing expense 1,886 2,141
Other real estate owned (income)/expense (4,104) 280
Amortization of investments in low income housing and alternative energy partnerships 13,890 10,810
Amortization of core deposit intangibles 172 172
Other operating expense 3,375 5,864
Total non-interest expense 65,154 70,970
Income before income tax expense 55,943 85,267
Income tax expense 9,091 18,588
Net income 46,852 66,679
Other Comprehensive Income, net of tax    
Unrealized holding gains/(losses) on securities available-for-sale 11,853 8,799
Unrealized holding (losses)/gains on cash flow hedge derivatives (4,278) (1,224)
Total other comprehensive gain, net of tax 7,575 7,575
Total other comprehensive income $ 54,427 $ 74,254
Net Income Per Common Share:    
Basic (in dollars per share) $ 0.59 $ 0.83
Diluted (in dollars per share) 0.59 0.83
Cash dividends per share (in dollars per share) $ 0.31 $ 0.31
Average Common Shares Outstanding:    
Basic (in shares) 79,588,076 80,455,317
Diluted (in shares) 79,830,025 80,703,134