XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and Dividend Income        
Loans receivable $ 293,108 $ 211,541 $ 827,765 $ 558,657
Investment securities 12,698 7,483 36,832 18,059
Federal Home Loan Bank stock 355 258 957 774
Deposits with banks 17,307 6,732 43,405 10,003
Total interest and dividend income 323,468 226,014 908,959 587,493
Interest Expense        
Time deposits 90,022 10,218 234,171 22,002
Other deposits 38,207 13,871 92,683 25,894
Advances from Federal Home Loan Bank 6,779 2,941 14,875 3,396
Long-term debt 1,726 1,455 4,721 4,318
Short-term debt 1,094 0 2,901 0
Total interest expense 137,828 28,485 349,351 55,610
Net interest income before provision for credit losses 185,640 197,529 559,608 531,883
Provision for credit losses (7,000) (2,000) (24,255) (13,143)
Net interest income after provision for credit losses 178,640 195,529 535,353 518,740
Non-Interest Income        
Net (losses)/gains from equity securities (6,218) (3,661) 9,298 1,358
Securities losses, net 0 0 (3,000) 0
Letters of credit commissions 1,738 1,609 4,972 4,767
Other operating income 5,631 6,054 16,226 21,114
Total non-interest income 7,837 9,876 45,191 44,726
Non-Interest Expense        
Salaries and employee benefits 38,774 34,677 114,048 107,453
Occupancy expense 5,851 5,975 16,883 17,150
Computer and equipment expense 4,387 3,509 12,899 9,762
Professional services expense 7,906 6,337 24,212 20,738
Data processing service expense 3,614 3,484 11,010 9,813
FDIC and regulatory assessments 3,063 2,003 9,230 5,999
Marketing expense 1,587 2,005 4,777 4,692
Other real estate owned expense 435 55 566 93
Amortization of investments in low income housing and alternative energy partnerships 23,157 11,949 60,497 27,471
Amortization of core deposit intangibles 250 250 1,059 724
Acquisition, integration and restructuring costs 0 59 0 4,086
Other operating expense 4,949 5,085 14,799 14,227
Total non-interest expense 93,973 75,388 269,980 222,208
Income before income tax expense 92,504 130,017 310,564 341,258
Income tax expense 10,133 30,982 38,966 78,217
Net income 82,371 99,035 271,598 263,041
Other Comprehensive Income/(Loss), net of tax        
Net holding losses on securities available-for-sale (24,043) (43,191) (19,915) (115,612)
Net holding (losses)/gains on cash flow hedge derivatives (441) 1,645 (1,323) 5,803
Total other comprehensive loss, net of tax (24,484) (41,546) (21,238) (109,809)
Total other comprehensive income $ 57,887 $ 57,489 $ 250,360 $ 153,232
Net Income Per Common Share:        
Basic (in dollars per share) $ 1.14 $ 1.34 $ 3.74 $ 3.52
Diluted (in dollars per share) 1.13 1.33 3.73 3.5
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.34 $ 1.02 $ 1.02
Average Common Shares Outstanding:        
Basic (in shares) 72,568,518 73,956,052 72,546,149 74,743,941
Diluted (in shares) 72,890,414 74,242,052 72,847,907 75,068,232
Deposit Account [Member]        
Non-Interest Income        
Non-Interest Income $ 1,536 $ 1,690 $ 5,009 $ 4,993
Asset Management [Member]        
Non-Interest Income        
Non-Interest Income $ 5,150 $ 4,184 $ 12,686 $ 12,494