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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest and Dividend Income    
Loans receivable, including loan fees $ 159,721 $ 177,870
Investment securities 3,067 7,610
Federal Home Loan Bank stock 217 305
Deposits with banks 315 951
Total interest and dividend income 163,320 186,736
Interest Expense    
Time deposits 14,009 35,155
Other deposits 5,594 7,991
Advances from Federal Home Loan Bank 475 1,552
Long-term debt 1,424 1,440
Deferred payments from acquisition 0 58
Short-term borrowings 0 229
Total interest expense 21,502 46,425
Net interest income before provision for credit losses 141,818 140,311
Provision for credit losses 13,558 (25,000)
Net interest income after provision for credit losses 155,376 115,311
Non-Interest Income    
Net losses from equity securities (2,752) (6,102)
Securities losses, net 853 6
Letters of credit commissions 1,690 1,640
Depository service fees 1,363 1,298
Other operating income 8,846 8,944
Total non-interest income 10,000 5,786
Non-Interest Expense    
Salaries and employee benefits 32,722 30,939
Occupancy expense 5,046 5,177
Computer and equipment expense 3,271 2,593
Professional services expense 4,710 5,145
Data processing service expense 3,655 3,666
FDIC and regulatory assessments 1,925 2,415
Marketing expense 2,882 1,886
Other real estate owned expense/(income) 94 (4,104)
Amortization of investments in low income housing and alternative energy partnerships 11,570 13,890
Amortization of core deposit intangibles 172 172
Costs associated with debt redemption 732 0
Other operating expense 4,624 3,375
Total non-interest expense 71,403 65,154
Income before income tax expense 93,973 55,943
Income tax expense 20,589 9,091
Net income 73,384 46,852
Other Comprehensive Income, net of tax    
Unrealized holding (losses)/gains on securities available-for-sale (4,887) 11,853
Unrealized holding gains/(losses) on cash flow hedge derivatives 1,263 (4,278)
Total other comprehensive (loss)/gain, net of tax (3,624) 7,575
Total other comprehensive income $ 69,760 $ 54,427
Net Income Per Common Share:    
Basic (in dollars per share) $ 0.92 $ 0.59
Diluted (in dollars per share) 0.92 0.59
Cash dividends paid per common share (in dollars per share) $ 0.31 $ 0.31
Average Common Shares Outstanding:    
Basic (in shares) 79,530,777 79,588,076
Diluted (in shares) 79,832,305 79,830,025