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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and Dividend Income        
Loans receivable, including loan fees $ 161,493 $ 168,149 $ 321,214 $ 346,019
Investment securities 3,189 5,405 6,256 13,015
Federal Home Loan Bank stock 255 214 472 519
Deposits with banks 438 240 753 1,191
Total interest and dividend income 165,375 174,008 328,695 360,744
Interest Expense        
Time deposits 10,055 30,811 24,064 65,966
Other deposits 5,465 5,919 11,059 13,910
Advances from Federal Home Loan Bank 415 1,316 890 2,868
Long-term debt 1,439 1,440 2,863 2,880
Deferred payments from acquisition 0 42 0 100
Short-term borrowings 0 5 0 234
Total interest expense 17,374 39,533 38,876 85,958
Net interest income before provision for credit losses 148,001 134,475 289,819 274,786
Provision for credit losses 9,000 (25,000) 22,558 (50,000)
Net interest income after provision for credit losses 157,001 109,475 312,377 224,786
Non-Interest Income        
Net (losses)/gains from equity securities (879) 5,779 (3,631) (323)
Securities losses, net 0 1,147 853 1,153
Letters of credit commissions 1,782 1,560 3,472 3,200
Depository service fees 1,343 1,117 2,706 2,415
Other operating income 10,337 6,003 19,183 14,947
Total non-interest income 12,583 15,606 22,583 21,392
Non-Interest Expense        
Salaries and employee benefits 32,758 28,197 65,480 59,136
Occupancy expense 4,960 4,963 10,006 10,140
Computer and equipment expense 3,647 2,581 6,918 5,174
Professional services expense 5,756 5,200 10,466 10,345
Data processing service expense 3,243 3,566 6,898 7,232
FDIC and regulatory assessments 1,440 2,446 3,365 4,861
Marketing expense 1,443 915 4,325 2,801
Other real estate owned expense/(income) 191 452 285 (3,652)
Amortization of investments in low income housing and alternative energy partnerships 10,682 12,934 22,252 26,824
Amortization of core deposit intangibles 171 171 343 343
Costs associated with debt redemption 0 0 732 0
Other operating expense 5,416 5,843 10,040 9,218
Total non-interest expense 69,707 67,268 141,110 132,422
Income before income tax expense 99,877 57,813 193,850 113,756
Income tax expense 22,678 3,492 43,267 12,583
Net income 77,199 54,321 150,583 101,173
Other Comprehensive Income, net of tax        
Unrealized holding (losses)/gains on securities available-for-sale 247 (481) (4,039) 11,376
Unrealized holding gains/(losses) on cash flow hedge derivatives 439 (235) 1,702 (4,513)
Less: reclassification adjustments for losses included in net income 0 808 601 812
Total other comprehensive (loss)/gain, net of tax 686 (1,524) (2,938) 6,051
Total other comprehensive income $ 77,885 $ 52,797 $ 147,645 $ 107,224
Net Income Per Common Share:        
Basic (in dollars per share) $ 0.98 $ 0.68 $ 1.90 $ 1.27
Diluted (in dollars per share) 0.97 0.68 1.89 1.27
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) 79,167,004 79,581,097 79,347,886 79,584,587
Diluted (in shares) 79,418,668 79,682,426 79,624,344 79,756,226