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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest and Dividend Income    
Loans receivable $ 166,094 $ 159,721
Investment securities 4,828 3,067
Federal Home Loan Bank stock 261 217
Deposits with banks 763 315
Total interest and dividend income 171,946 163,320
Interest Expense    
Time deposits 6,060 14,009
Other deposits 5,128 5,594
Advances from Federal Home Loan Bank 143 475
Long-term debt 1,424 1,424
Total interest expense 12,755 21,502
Net interest income before provision for credit losses 159,191 141,818
Provision/(reversal) for credit losses (8,643) 13,558
Net interest income after provision/(reversal) for credit losses 150,548 155,376
Non-Interest Income    
Net gains/(losses) from equity securities 5,974 (2,752)
Securities losses, net 0 853
Letters of credit commissions 1,556 1,690
Other operating income 6,677 5,289
Total non-interest income 20,232 10,000
Non-Interest Expense    
Salaries and employee benefits 35,475 32,722
Occupancy expense 5,613 5,046
Computer and equipment expense 2,956 3,271
Professional services expense 6,697 4,710
Data processing service expense 2,909 3,655
FDIC and regulatory assessments 1,802 1,925
Marketing expense 947 2,882
Other real estate owned expense 71 94
Amortization of investments in low income housing and alternative energy partnerships 8,287 11,570
Amortization of core deposit intangibles 224 172
Acquisition, integration and restructuring costs 3,936 732
Other operating expense 3,780 4,624
Total non-interest expense 72,697 71,403
Income before income tax expense 98,083 93,973
Income tax expense 23,055 20,589
Net income 75,028 73,384
Other Comprehensive Income, net of tax    
Unrealized holding losses on securities available-for-sale (45,966) (4,887)
Unrealized holding gains on cash flow hedge derivatives 3,054 1,263
Total other comprehensive loss, net of tax (42,912) (3,624)
Total other comprehensive income $ 32,116 $ 69,760
Net Income Per Common Share:    
Basic (in dollars per share) $ 1.00 $ 0.92
Diluted (in dollars per share) 0.99 0.92
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.31
Average Common Shares Outstanding:    
Basic (in shares) 75,331,976 79,530,777
Diluted (in shares) 75,719,375 79,832,305
Deposit Account [Member]    
Non-Interest Income    
Non-Interest Income $ 1,671 $ 1,363
Asset Management [Member]    
Non-Interest Income    
Non-Interest Income $ 4,354 $ 3,557