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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and Dividend Income    
Loans receivable $ 261,179 $ 166,094
Investment securities 11,764 4,828
Federal Home Loan Bank stock 304 261
Deposits with banks 12,139 763
Total interest and dividend income 285,386 171,946
Interest Expense    
Time deposits 64,174 6,060
Other deposits 23,817 5,128
Advances from Federal Home Loan Bank 2,598 143
Long-term debt 1,443 1,424
Short-term debt 919 0
Total interest expense 92,951 12,755
Net interest income before provision for credit losses 192,435 159,191
Provision for credit losses (8,100) (8,643)
Net interest income after provision for credit losses 184,335 150,548
Non-Interest Income    
Net gains from equity securities 4,853 5,974
Securities losses, net (3,000) 0
Letters of credit commissions 1,570 1,556
Other operating income 5,092 6,677
Total non-interest income 14,244 20,232
Non-Interest Expense    
Salaries and employee benefits 38,226 35,475
Occupancy expense 5,504 5,613
Computer and equipment expense 4,285 2,956
Professional services expense 7,406 6,697
Data processing service expense 3,724 2,909
FDIC and regulatory assessments 3,155 1,802
Marketing expense 774 947
Other real estate owned expense 50 71
Amortization of investments in low income housing and alternative energy partnerships 15,594 8,287
Amortization of core deposit intangibles 250 224
Acquisition, integration and restructuring costs 0 3,936
Other operating expense 4,218 3,780
Total non-interest expense 83,186 72,697
Income before income tax expense 115,393 98,083
Income tax expense 19,386 23,055
Net income 96,007 75,028
Other Comprehensive Income/(Loss), net of tax    
Net holding gains/(losses) on securities available-for-sale 11,659 (45,966)
Net holding (losses)/gains on cash flow hedge derivatives (441) 3,054
Total other comprehensive income/(loss), net of tax 11,218 (42,912)
Total other comprehensive income $ 107,225 $ 32,116
Net Income Per Common Share:    
Basic (in dollars per share) $ 1.32 $ 1.00
Diluted (in dollars per share) 1.32 0.99
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.34
Average Common Shares Outstanding:    
Basic (in shares) 72,533,239 75,331,976
Diluted (in shares) 72,899,662 75,719,375
Deposit Account [Member]    
Non-Interest Income    
Non-Interest Income $ 1,832 $ 1,671
Asset Management [Member]    
Non-Interest Income    
Non-Interest Income $ 3,897 $ 4,354