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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest and Dividend Income      
Loan receivable $ 649,224 $ 677,193 $ 729,619
Investment securities 14,151 20,599 33,037
Federal Home Loan Bank stock 991 952 1,207
Deposits with banks 2,145 1,830 5,404
Total interest and dividend income 666,511 700,574 769,267
Interest Expense      
Time deposits 40,542 111,629 152,791
Other deposits 21,259 25,396 25,311
Advances from the Federal Home Loan Bank 1,182 5,299 7,441
Long-term debt 5,773 5,791 7,847
Deferred payments from acquisition 0 115 568
Short-term borrowings 0 234 403
Total interest expense 68,756 148,464 194,361
Net interest income before provision/(reversal) for credit losses 597,755 552,110 574,906
Provision/(reversal) for credit losses 16,008 (57,500) 7,000
Net interest income after provision/(reversal) for credit losses 613,763 494,610 581,906
Non-Interest Income      
Net (losses)/gains from equity securities (1,426) (1,148) 5,736
Securities gains, net 853 1,695 211
Letters of credit commissions 7,103 6,741 6,407
Depository service fees 5,584 4,949 4,763
Other operating income 42,489 30,583 27,634
Total non-interest income 54,603 42,820 44,751
Non-Interest Expense      
Salaries and employee benefits 132,795 124,022 129,300
Occupancy expense 20,318 20,634 22,004
Computer and equipment expense 13,549 11,133 11,113
Professional services expense 23,666 21,856 23,107
Data processing service expense 13,607 14,897 13,210
FDIC and State assessments 7,132 8,999 9,617
Marketing expense 6,913 5,224 7,585
Other real estate owned expense/(income) 343 (3,091) 1,115
Amortization of investments in low income housing and alternative energy partnerships 45,447 58,225 39,731
Amortization of core deposit premium 687 687 687
Cost associated with debt redemption 732 693 0
Acquisition, integration and reorganization costs 1,425 0 0
Other operating expense 19,909 20,186 19,819
Total non-interest expense 286,523 283,465 277,288
Income before income tax expense 381,843 253,965 349,369
Income tax expense 83,539 25,105 70,234
Net income 298,304 228,860 279,135
Other Comprehensive Income/(Loss), Net of Tax:      
Unrealized holding gains/(losses) on securities available for sale (11,388) 7,680 23,628
Unrealized holding (losses)/gains on cash flow hedge derivatives 3,614 (3,478) (3,171)
Less: reclassification adjustment for gains included in net income 601 1,194 149
Total other comprehensive income/(loss), net of tax (8,375) 3,008 20,308
Total comprehensive income $ 289,929 $ 231,868 $ 299,443
Net Income Per Common Share      
Basic (in dollars per share) $ 3.81 $ 2.88 $ 3.49
Diluted (in dollars per share) 3.80 2.87 3.48
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) $ 1.27 $ 1.24 $ 1.24
Average Common Shares Outstanding:      
Basic (in shares) 78,268,369 79,584,560 79,999,703
Diluted (in shares) 78,570,638 79,777,847 80,247,893