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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and Dividend Income        
Loans receivable $ 273,478 $ 181,022 $ 534,657 $ 347,116
Investment securities 12,370 5,748 24,134 10,576
Federal Home Loan Bank stock 298 255 602 516
Deposits with banks 13,959 2,508 26,098 3,271
Total interest and dividend income 300,105 189,533 585,491 361,479
Interest Expense        
Time deposits 79,975 5,724 144,149 11,784
Other deposits 30,659 6,895 54,476 12,023
Advances from Federal Home Loan Bank 5,498 312 8,096 455
Long-term debt 1,552 1,439 2,995 2,863
Short-term debt 888 0 1,807 0
Total interest expense 118,572 14,370 211,523 27,125
Net interest income before provision for credit losses 181,533 175,163 373,968 334,354
Provision for credit losses (9,155) (2,500) (17,255) (11,143)
Net interest income after provision for credit losses 172,378 172,663 356,713 323,211
Non-Interest Income        
Net gains/(losses) from equity securities 10,663 (955) 15,516 5,019
Securities losses, net 0 0 (3,000) 0
Letters of credit commissions 1,664 1,602 3,234 3,158
Other operating income 5,503 8,383 10,595 15,060
Total non-interest income 23,110 14,618 37,354 34,850
Non-Interest Expense        
Salaries and employee benefits 37,048 37,301 75,274 72,776
Occupancy expense 5,528 5,562 11,032 11,175
Computer and equipment expense 4,227 3,297 8,512 6,253
Professional services expense 8,900 7,704 16,306 14,401
Data processing service expense 3,672 3,420 7,396 6,329
FDIC and regulatory assessments 3,012 2,194 6,167 3,996
Marketing expense 2,416 1,740 3,190 2,687
Other real estate owned (income)/expense 81 (33) 131 38
Amortization of investments in low income housing and alternative energy partnerships 21,746 7,235 37,340 15,522
Amortization of core deposit intangibles 559 250 809 474
Acquisition, integration and restructuring costs 0 91 0 4,027
Other operating expense 5,632 5,362 9,850 9,142
Total non-interest expense 92,821 74,123 176,007 146,820
Income before income tax expense 102,667 113,158 218,060 211,241
Income tax expense 9,447 24,180 28,833 47,235
Net income 93,220 88,978 189,227 164,006
Other Comprehensive Income/(Loss), net of tax        
Net holding (losses)/gains on securities available-for-sale (7,531) (26,455) 4,128 (72,421)
Net holding (losses)/gains on cash flow hedge derivatives (441) 1,104 (882) 4,158
Total other comprehensive (loss)/income, net of tax (7,972) (25,351) 3,246 (68,263)
Total other comprehensive income $ 85,248 $ 63,627 $ 192,473 $ 95,743
Net Income Per Common Share:        
Basic (in dollars per share) $ 1.29 $ 1.19 $ 2.61 $ 2.18
Diluted (in dollars per share) 1.28 1.18 2.60 2.17
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.34 $ 0.68 $ 0.68
Average Common Shares Outstanding:        
Basic (in shares) 72,536,301 74,958,913 72,534,779 75,144,414
Diluted (in shares) 72,753,746 75,270,140 72,826,301 75,493,516
Deposit Account [Member]        
Non-Interest Income        
Non-Interest Income $ 1,641 $ 1,632 $ 3,473 $ 3,303
Asset Management [Member]        
Non-Interest Income        
Non-Interest Income $ 3,639 $ 3,956 $ 7,536 $ 8,310