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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and Dividend Income        
Loans receivable $ 211,541 $ 163,948 $ 558,657 $ 485,162
Investment securities 7,483 3,707 18,059 9,963
Federal Home Loan Bank stock 258 258 774 730
Deposits with banks 6,732 714 10,003 1,467
Total interest and dividend income 226,014 168,627 587,493 497,322
Interest Expense        
Time deposits 10,218 9,299 22,002 33,363
Other deposits 13,871 5,243 25,894 16,302
Advances from Federal Home Loan Bank 2,941 146 3,396 1,036
Long-term debt 1,455 1,455 4,318 4,318
Total interest expense 28,485 16,143 55,610 55,019
Net interest income before provision/(reversal) for credit losses 197,529 152,484 531,883 442,303
Provision/(reversal) for credit losses (2,000) (3,050) (13,143) 19,508
Net interest income after provision/(reversal) for credit losses 195,529 149,434 518,740 461,811
Non-Interest Income        
Net (losses)/gains from equity securities (3,661) 3 1,358 (3,628)
Securities losses, net 0 0 0 853
Letters of credit commissions 1,609 1,764 4,767 5,236
Other operating income 6,054 5,470 21,114 17,157
Total non-interest income 9,876 12,216 44,726 34,799
Non-Interest Expense        
Salaries and employee benefits 34,677 33,437 107,453 98,917
Occupancy expense 5,975 5,136 17,150 15,142
Computer and equipment expense 3,509 3,175 9,762 10,093
Professional services expense 6,337 6,232 20,738 16,698
Data processing service expense 3,484 3,524 9,813 10,422
FDIC and regulatory assessments 2,003 1,830 5,999 5,195
Marketing expense 2,005 945 4,692 5,270
Other real estate owned expense/(income) 55 (88) 93 197
Amortization of investments in low income housing and alternative energy partnerships 11,949 12,411 27,471 34,663
Amortization of core deposit intangibles 250 172 724 515
Cost associated with debt redemption 0 0 0 732
Acquisition, integration and restructuring costs 59 476 4,086 476
Other operating expense 5,085 4,965 14,227 15,005
Total non-interest expense 75,388 72,215 222,208 213,325
Income before income tax expense 130,017 89,435 341,258 283,285
Income tax expense 30,982 17,038 78,217 60,305
Net income 99,035 72,397 263,041 222,980
Other Comprehensive Income, net of tax        
Net holding losses on securities available-for-sale (43,191) (3,232) (115,612) (7,872)
Net holding gains on cash flow hedge derivatives 1,645 492 5,803 2,194
Total other comprehensive loss, net of tax (41,546) (2,740) (109,809) (5,678)
Total other comprehensive income $ 57,489 $ 69,657 $ 153,232 $ 217,302
Net Income Per Common Share:        
Basic (in dollars per share) $ 1.35 $ 0.93 $ 3.53 $ 2.83
Diluted (in dollars per share) 1.35 0.93 3.52 2.82
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.31 $ 1.02 $ 0.93
Average Common Shares Outstanding:        
Basic (in shares) 73,158,096 77,846,424 74,475,032 78,841,899
Diluted (in shares) 73,444,096 78,153,408 74,799,324 79,128,644
Deposit Account [Member]        
Non-Interest Income        
Non-Interest Income $ 1,690 $ 1,401 $ 4,993 $ 4,107
Asset Management [Member]        
Non-Interest Income        
Non-Interest Income $ 4,184 $ 3,578 $ 12,494 $ 11,074