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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Loans receivable, including loan fees $ 168,149 $ 182,291 $ 346,019 $ 360,568
Investment securities 5,405 8,477 13,015 15,767
Federal Home Loan Bank stock 214 298 519 602
Deposits with banks 240 1,383 1,191 3,273
Total interest and dividend income 174,008 192,449 360,744 380,210
Interest Expense        
Time deposits 30,811 39,491 65,966 73,614
Other deposits 5,919 5,588 13,910 10,965
Advances from Federal Home Loan Bank 1,316 1,725 2,868 4,315
Long-term debt 1,440 2,007 2,880 4,139
Deferred payments from acquisition 42 192 100 409
Short-term borrowings 5 67 234 73
Total interest expense 39,533 49,070 85,958 93,515
Net interest income before provision for credit losses 134,475 143,379 274,786 286,695
Provision for credit losses (25,000) 0 (50,000) 0
Net interest income after provision for credit losses 109,475 143,379 224,786 286,695
Non-Interest Income        
Net gains/(losses) from equity securities 5,779 3,237 (323) 7,400
Securities gains, net 1,147 13 1,153 13
Letters of credit commissions 1,560 1,577 3,200 3,131
Depository service fees 1,117 1,243 2,415 2,498
Other operating income 6,003 6,724 14,947 12,673
Total non-interest income 15,606 12,794 21,392 25,715
Non-Interest Expense        
Salaries and employee benefits 28,197 33,153 59,136 65,285
Occupancy expense 4,963 5,489 10,140 11,038
Computer and equipment expense 2,581 2,833 5,174 5,712
Professional services expense 5,200 6,000 10,345 11,257
Data processing service expense 3,566 3,081 7,232 6,491
FDIC and regulatory assessments 2,446 2,132 4,861 4,608
Marketing expense 915 979 2,801 3,120
Other real estate owned expense/(income) 452 369 (3,652) 649
Amortization of investments in low income housing and alternative energy partnerships 12,934 9,102 26,824 19,912
Amortization of core deposit intangibles 171 171 343 343
Other operating expense 5,843 6,237 9,218 12,101
Total non-interest expense 67,268 69,546 132,422 140,516
Income before income tax expense 57,813 86,627 113,756 171,894
Income tax expense 3,492 14,383 12,583 32,971
Net income 54,321 72,244 101,173 138,923
Other Comprehensive (Loss)/Income, net of tax        
Unrealized holding (losses)/gains on securities available-for-sale (481) 11,175 11,376 19,974
Unrealized holding losses on cash flow hedge derivatives (235) (2,102) (4,513) (3,326)
Less: reclassification adjustments for gains included in net income 808 0 812 0
Total other comprehensive (loss)/income, net of tax (1,524) 9,073 6,051 16,648
Total comprehensive income $ 52,797 $ 81,317 $ 107,224 $ 155,571
Net Income Per Common Share:        
Basic (in dollars per share) $ 0.68 $ 0.90 $ 1.27 $ 1.73
Diluted (in dollars per share) 0.68 0.90 1.27 1.73
Cash dividends paid per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.62 $ 0.62
Average Common Shares Outstanding:        
Basic (in shares) 79,581,097 80,106,329 79,584,587 80,279,859
Diluted (in shares) 79,682,426 80,302,679 79,756,226 80,501,800