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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest and Dividend Income    
Loans receivable $ 302,528 $ 261,179
Investment securities 14,951 11,764
Federal Home Loan Bank stock 431 304
Deposits with banks 14,732 12,139
Total interest and dividend income 332,642 285,386
Interest Expense    
Time deposits 109,546 64,174
Other deposits 42,788 23,817
Advances from Federal Home Loan Bank 9,316 2,598
Long-term debt 1,721 1,443
Short-term debt 699 919
Total interest expense 164,070 92,951
Net interest income before provision for credit losses 168,572 192,435
Provision for credit losses (1,900) (8,100)
Net interest income after provision for credit losses 166,672 184,335
Non-Interest Income    
Net (losses)/gains from equity securities (9,027) 4,853
Net gains/(losses) from securities available for sale 1,107 (3,000)
Letters of credit commissions 1,717 1,570
Other operating income 5,626 5,092
Total non-interest income 6,611 14,244
Non-Interest Expense    
Salaries and employee benefits 43,552 38,226
Occupancy expense 5,967 5,504
Computer and equipment expense 5,068 4,285
Professional services expense 6,992 7,406
Data processing service expense 3,929 3,724
FDIC and regulatory assessments 6,089 3,155
Marketing expense 1,914 774
Other real estate owned expense 253 50
Amortization of investments in low income housing and alternative energy partnerships 14,432 15,594
Amortization of core deposit intangibles 339 250
Other operating expense 4,704 4,218
Total non-interest expense 93,239 83,186
Income before income tax expense 80,044 115,393
Income tax expense 8,609 19,386
Net income 71,435 96,007
Other Comprehensive Income/(Loss), net of tax    
Net holding (losses)/gains on securities available-for-sale (6,422) 11,659
Net holding losses on cash flow hedge derivatives (441) (441)
Total other comprehensive (loss)/income, net of tax (6,863) 11,218
Total other comprehensive income $ 64,572 $ 107,225
Net Income Per Common Share:    
Basic (in dollars per share) $ 0.98 $ 1.32
Diluted (in dollars per share) 0.98 1.32
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.34
Average Common Shares Outstanding:    
Basic (in shares) 72,673,974 72,533,239
Diluted (in shares) 72,971,157 72,899,662
Deposit Account [Member]    
Non-Interest Income    
Non-Interest Income $ 1,550 $ 1,832
Asset Management [Member]    
Non-Interest Income    
Non-Interest Income $ 5,638 $ 3,897