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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and Dividend Income        
Loans receivable, including loan fees $ 163,948 $ 167,556 $ 485,162 $ 513,575
Investment securities 3,707 4,115 9,963 17,130
Federal Home Loan Bank stock 258 216 730 735
Deposits with banks 714 347 1,467 1,538
Total interest and dividend income 168,627 172,234 497,322 532,978
Interest Expense        
Time deposits 9,299 26,247 33,363 92,213
Other deposits 5,243 5,761 16,302 19,671
Advances from Federal Home Loan Bank 146 1,251 1,036 4,119
Long-term debt 1,455 1,456 4,318 4,336
Deferred payments from acquisition 0 15 0 115
Short-term borrowings 0 0 0 234
Total interest expense 16,143 34,730 55,019 120,688
Net interest income before provision for credit losses 152,484 137,504 442,303 412,290
Provision for credit losses (3,050) (12,500) 19,508 (62,500)
Net interest income after provision for credit losses 149,434 125,004 461,811 349,790
Non-Interest Income        
Net gain/(loss) from equity securities 3 (1,605) (3,628) (1,928)
Securities losses, net 0 0 853 1,153
Letters of credit commissions 1,764 1,792 5,236 4,992
Depository service fees 1,401 1,263 4,107 3,678
Other operating income 9,048 8,527 28,231 23,474
Total non-interest income 12,216 9,977 34,799 31,369
Non-Interest Expense        
Salaries and employee benefits 33,437 33,341 98,917 92,477
Occupancy expense 5,136 5,295 15,142 15,435
Computer and equipment expense 3,175 3,044 10,093 8,218
Professional services expense 6,232 5,241 16,698 15,586
Data processing service expense 3,524 3,772 10,422 11,004
FDIC and regulatory assessments 1,830 1,993 5,195 6,854
Marketing expense 945 1,089 5,270 3,890
Other real estate owned (income)/expense (88) 423 197 (3,229)
Amortization of investments in low income housing and alternative energy partnerships 12,411 16,173 34,663 42,997
Amortization of core deposit intangibles 172 172 515 515
Costs associated with debt redemption 0 0 732 0
Acquisition, integration and reorganization costs 476 0 476 0
Other operating expense 4,965 5,454 15,005 14,672
Total non-interest expense 72,215 75,997 213,325 208,419
Income before income tax expense 89,435 58,984 283,285 172,740
Income tax expense 17,038 2,190 60,305 14,773
Net income 72,397 56,794 222,980 157,967
Other Comprehensive Income, net of tax        
Unrealized holding (loss)/gain on securities available-for-sale (3,232) (2,496) (7,271) 8,880
Unrealized holding gain/(loss) on cash flow hedge derivatives 492 532 2,194 (3,981)
Less: reclassification adjustments for losses included in net income 0 0 601 812
Total other comprehensive (loss)/gain, net of tax (2,740) (1,964) (5,678) 4,087
Total other comprehensive income $ 69,656 $ 54,830 $ 217,302 $ 162,054
Net Income Per Common Share:        
Basic (in dollars per share) $ 0.93 $ 0.71 $ 2.83 $ 1.98
Diluted (in dollars per share) 0.93 0.71 2.82 1.98
Cash dividends paid per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.93 $ 0.93
Average Common Shares Outstanding:        
Basic (in shares) 77,846,424 79,628,372 78,841,899 79,599,288
Diluted (in shares) 78,153,408 79,764,318 79,128,644 79,758,943