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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, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest and dividend income        
Interest and fees on loans $ 42,668 $ 42,540 $ 127,277 $ 128,341
Interest and dividends on securities:        
Interest 6,309 7,135 20,051 21,263
Dividends 190 163 574 574
Other interest income 10 13 55 54
Total interest and dividend income 49,177 49,851 147,957 150,232
Interest expense        
Deposits 7,336 7,776 22,724 24,160
Other interest expense 9,884 5,090 19,960 17,645
Total interest expense 17,220 12,866 42,684 41,805
Net interest income 31,957 36,985 105,273 108,427
(Benefit) provision for loan losses (618) 3,435 (2,829) 12,935
Net interest income after provision for loan losses 32,575 33,550 108,102 95,492
Non-interest income (loss)        
Other-than-temporary impairment ("OTTI") charge   (1,622)   (2,508)
Less: Non-credit portion of OTTI charge recorded in Other Comprehensive Income, before taxes   706   1,089
Net OTTI charge recognized in earnings   (916)   (1,419)
Banking services fee income 748 344 2,324 2,612
Net gain from sale of securities 5,216 96 5,216 2,972
Net gain on sale of loans   1   144
Net loss from fair value adjustments (474) (190) (1,520) (621)
Federal Home Loan Bank of New York stock dividends 463 399 1,444 1,214
Bank owned life insurance 762 853 2,293 2,519
Other income 408 358 1,062 1,071
Total non-interest income 7,123 945 10,819 8,492
Non-interest expense        
Salaries and employee benefits 12,164 10,716 36,686 33,910
Occupancy and equipment 2,007 1,961 5,961 5,677
Professional services 1,601 1,247 4,338 4,380
FDIC deposit insurance 771 658 2,141 2,435
Data processing 1,021 1,042 3,131 3,184
Depreciation and amortization 690 737 2,122 2,238
Other real estate owned/foreclosure expense 372 417 907 1,529
Other operating expenses 2,811 2,272 8,868 8,329
Total non-interest expense 21,437 19,050 64,154 61,682
Income before income taxes 18,261 15,445 54,767 42,302
Provision for income taxes        
Federal 5,240 4,593 15,511 12,717
State and local 1,820 1,431 6,074 3,781
Total taxes 7,060 6,024 21,585 16,498
Net income $ 11,201 $ 9,421 $ 33,182 $ 25,804
Basic earnings per common share (in Dollars per share) $ 0.38 $ 0.32 $ 1.11 $ 0.86
Diluted earnings per common share (in Dollars per share) $ 0.38 [1] $ 0.32 [1] $ 1.11 [1] $ 0.86 [1]
Dividends per common share (in Dollars per share) $ 0.15 $ 0.13 $ 0.45 $ 0.39
[1] For the three months ended September 30, 2014 and 2013, options to purchase 61,000 shares at an average exercise price of $19.37 and 111,050 shares at an average exercise price of $19.56, respectively, were not included in the computation of diluted earnings per common share as they were anti-dilutive. For the nine months ended September 30, 2014, there were no options which were considered 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 were anti-dilutive.