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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest and dividend income        
Interest and fees on loans $ 42,861 $ 46,123 $ 85,801 $ 92,683
Interest and dividends on securities:        
Interest 7,174 8,045 14,128 15,676
Dividends 236 205 411 412
Other interest income 24 11 41 28
Total interest and dividend income 50,295 54,384 100,381 108,799
Interest expense        
Deposits 8,093 10,225 16,384 21,135
Other interest expense 4,906 5,872 12,555 12,032
Total interest expense 12,999 16,097 28,939 33,167
Net interest income 37,296 38,287 71,442 75,632
Provision for loan losses 3,500 5,000 9,500 11,000
Net interest income after provision for loan losses 33,796 33,287 61,942 64,632
Non-interest income (loss)        
Other-than-temporary impairment ("OTTI") charge (1,221) (6,218) (1,221) (6,218)
Less: Non-credit portion of OTTI charge recorded in Other Comprehensive Income, before taxes 718 5,442 718 5,442
Net OTTI charge recognized in earnings (503) (776) (503) (776)
Loan fee income 817 634 1,425 1,100
Banking services fee income 411 409 843 864
Net gain on sale of loans 152 39 143 39
Net gain from sale of securities 18   2,876  
Net loss from fair value adjustments (308) (562) (431) (1,010)
Federal Home Loan Bank of New York stock dividends 401 338 815 723
Bank owned life insurance 841 689 1,666 1,385
Other income 370 337 713 661
Total non-interest income 2,199 1,108 7,547 2,986
Non-interest expense        
Salaries and employee benefits 10,961 10,457 23,194 21,498
Occupancy and equipment 1,856 1,918 3,716 3,848
Professional services 1,515 1,553 3,133 3,275
FDIC deposit insurance 786 1,087 1,777 2,104
Data processing 1,099 1,051 2,142 2,027
Depreciation and amortization 734 785 1,501 1,619
Other real estate owned/foreclosure expense 444 595 1,112 1,307
Other operating expenses 2,818 2,793 6,057 6,097
Total non-interest expense 20,213 20,239 42,632 41,775
Income before income taxes 15,782 14,156 26,857 25,843
Provision for income taxes        
Federal 4,663 4,236 8,124 7,860
State and local 1,492 1,283 2,350 2,217
Total taxes 6,155 5,519 10,474 10,077
Net income $ 9,627 $ 8,637 $ 16,383 $ 15,766
Basic earnings per common share (in Dollars per share) $ 0.32 $ 0.28 $ 0.54 $ 0.52
Diluted earnings per common share (in Dollars per share) $ 0.32 [1] $ 0.28 [1] $ 0.54 [1] $ 0.52 [1]
Dividends per common share (in Dollars per share) $ 0.13 $ 0.13 $ 0.26 $ 0.26
[1] For the three and six months ended June 30, 2013, options to purchase 542,340 shares at an average exercise price of $17.66 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the three and six months ended June 30, 2012, options to purchase 720,865 shares at an average exercise price of $16.71 were not included in the computation of diluted earnings per common share as they are anti-dilutive.