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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, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest and dividend income        
Interest and fees on loans $ 42,489 $ 42,861 $ 84,609 $ 85,801
Interest and dividends on securities:        
Interest 6,867 7,174 13,742 14,128
Dividends 195 236 384 411
Other interest income 18 24 45 41
Total interest and dividend income 49,569 50,295 98,780 100,381
Interest expense        
Deposits 7,670 8,093 15,388 16,384
Other interest expense 5,070 4,906 10,076 12,555
Total interest expense 12,740 12,999 25,464 28,939
Net interest income 36,829 37,296 73,316 71,442
(Benefit) provision for loan losses (1,092) 3,500 (2,211) 9,500
Net interest income after provision for loan losses 37,921 33,796 75,527 61,942
Non-interest income (loss)        
Other-than-temporary impairment ("OTTI") charge   (1,221)   (1,221)
Less: Non-credit portion of OTTI charge recorded in Other Comprehensive Income, before taxes   718   718
Net OTTI charge recognized in earnings   (503)   (503)
Banking services fee income 867 1,228 1,576 2,268
Net gain on sale of loans   152   143
Net gain from sale of securities   18   2,876
Net loss from fair value adjustments (402) (308) (1,046) (431)
Federal Home Loan Bank of New York stock dividends 430 401 981 815
Bank owned life insurance 755 841 1,531 1,666
Other income 336 370 654 713
Total non-interest income 1,986 2,199 3,696 7,547
Non-interest expense        
Salaries and employee benefits 11,944 10,961 24,522 23,194
Occupancy and equipment 1,919 1,856 3,954 3,716
Professional services 1,527 1,515 2,737 3,133
FDIC deposit insurance 673 786 1,370 1,777
Data processing 1,042 1,099 2,110 2,142
Depreciation and amortization 717 734 1,432 1,501
Other real estate owned/foreclosure expense 279 444 535 1,112
Other operating expenses 2,523 2,818 6,057 6,057
Total non-interest expense 20,624 20,213 42,717 42,632
Income before income taxes 19,283 15,782 36,506 26,857
Provision for income taxes        
Federal 5,513 4,663 10,271 8,124
State and local 2,085 1,492 4,254 2,350
Total taxes 7,598 6,155 14,525 10,474
Net income $ 11,685 $ 9,627 $ 21,981 $ 16,383
Basic earnings per common share (in Dollars per share) $ 0.39 $ 0.32 $ 0.73 $ 0.54
Diluted earnings per common share (in Dollars per share) $ 0.39 [1] $ 0.32 [1] $ 0.73 [1] $ 0.54 [1]
Dividends per common share (in Dollars per share) $ 0.15 $ 0.13 $ 0.30 $ 0.26
[1] For the three and six months ended June 30, 2014, there were no options which were considered anti-dilutive. 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 were anti-dilutive.