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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest and dividend income    
Interest and fees on loans$ 47,767$ 50,098$ 144,578$ 148,775
Interest and dividends on securities:    
Interest8,3257,95524,58123,600
Dividends202207606610
Other interest income35118933
Total interest and dividend income56,32958,271169,854173,018
Interest expense    
Deposits12,26613,31536,95440,641
Other interest expense6,9629,09521,84929,571
Total interest expense19,22822,41058,80370,212
Net interest income37,10135,861111,051102,806
Provision for loan losses5,0005,00015,00015,000
Net interest income after provision for loan losses32,10130,86196,05187,806
Non-interest income (loss)    
Other-than-temporary impairment ("OTTI") charge(4,816)(3,319)(8,999)(6,136)
Less: Non-credit portion of OTTI charge recorded in Other Comprehensive Income, before taxes4,1642,7697,4214,598
Net OTTI charge recognized in earnings(652)(550)(1,578)(1,538)
Loan fee income5384331,4871,283
Banking services fee income4304371,2791,350
Net gain (loss) on sale of loans493(6)49317
Net gain from sale of securities 39 62
Net gain (loss) from fair value adjustments2,085(20)1,265(154)
Federal Home Loan Bank of New York stock dividends3384441,1801,508
Bank owned life insurance7057022,0672,040
Other income3584701,1081,676
Total non-interest income4,2951,9497,3016,244
Non-interest expense    
Salaries and employee benefits9,7158,75429,42426,126
Occupancy and equipment1,9711,8505,7125,315
Professional services1,6971,5354,9335,059
FDIC deposit insurance1,0301,2003,4093,723
Data processing1,1391,1063,3253,274
Depreciation and amortization7926922,3372,094
Other real estate owned / foreclosure expense7703891,638769
Other operating expenses2,3762,1307,5926,842
Total non-interest expense19,49017,65658,37053,202
Income before income taxes16,90615,15444,98240,848
Provision (benefit) for income taxes    
Federal5,0997,48913,57515,189
State and local1,657(6,963)4,230(4,627)
Total taxes6,75652617,80510,562
Net income$ 10,150$ 14,628$ 27,177$ 30,286
Basic earnings per common share (in Dollars per share)$ 0.33$ 0.48$ 0.89$ 1.00
Diluted earnings per common share (in Dollars per share)$ 0.33$ 0.48$ 0.88$ 1.00
Dividends per common share (in Dollars per share)$ 0.13$ 0.13$ 0.39$ 0.39