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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest and dividend income        
Interest and fees on loans $ 42,540 $ 44,857 $ 128,341 $ 137,540
Interest and dividends on securities:        
Interest 7,135 8,120 21,263 23,796
Dividends 163 191 574 603
Other interest income 13 25 54 53
Total interest and dividend income 49,851 53,193 150,232 161,992
Interest expense        
Deposits 7,776 10,097 24,160 31,232
Other interest expense 5,090 5,513 17,645 17,545
Total interest expense 12,866 15,610 41,805 48,777
Net interest income 36,985 37,583 108,427 113,215
Provision for loan losses 3,435 5,000 12,935 16,000
Net interest income after provision for loan losses 33,550 32,583 95,492 97,215
Non-interest income        
Other-than-temporary impairment ("OTTI") charge (1,622)   (2,508) (4,102)
Less: Non-credit portion of OTTI charge recorded in Other Comprehensive Income, before taxes 706   1,089 3,326
Net OTTI charge recognized in earnings (916)   (1,419) (776)
Loan fee income (71) 731 1,354 1,831
Banking services fee income 415 411 1,258 1,275
Net gain on sale of loans 1 52 144 91
Net gain from sale of securities 96 96 2,972 96
Net gain (loss) from fair value adjustments (190) 825 (621) (185)
Federal Home Loan Bank of New York stock dividends 399 390 1,214 1,113
Bank owned life insurance 853 703 2,519 2,088
Other income 358 305 1,071 966
Total non-interest income 945 3,513 8,492 6,499
Non-interest expense        
Salaries and employee benefits 10,716 10,725 33,910 32,223
Occupancy and equipment 1,961 2,019 5,677 5,867
Professional services 1,247 1,546 4,380 4,821
FDIC deposit insurance 658 1,064 2,435 3,168
Data processing 1,042 1,016 3,184 3,043
Depreciation and amortization 737 810 2,238 2,429
Other real estate owned/foreclosure expense 417 887 1,529 2,194
Other operating expenses 2,272 2,676 8,329 8,773
Total non-interest expense 19,050 20,743 61,682 62,518
Income before income taxes 15,445 15,353 42,302 41,196
Provision for income taxes        
Federal 4,593 4,543 12,717 12,403
State and local 1,431 1,445 3,781 3,662
Total taxes 6,024 5,988 16,498 16,065
Net income $ 9,421 $ 9,365 $ 25,804 $ 25,131
Basic earnings per common share (in Dollars per share) $ 0.32 $ 0.31 $ 0.86 $ 0.83
Diluted earnings per common share (in Dollars per share) $ 0.32 [1] $ 0.31 [1] $ 0.86 [1] $ 0.82 [1]
Dividends per common share (in Dollars per share) $ 0.13 $ 0.13 $ 0.39 $ 0.39
[1] For the three months ended September 30, 2013, options to purchase 111,050 shares at an average exercise price of $19.56 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the nine months ended September 30, 2013, options to purchase 320,200 shares at an average exercise price of $18.33 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the three and nine months ended September 30, 2012, options to purchase 557,140 shares at an average exercise price of $17.62 were not included in the computation of diluted earnings per common share as they are anti-dilutive.