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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest and dividend income        
Interest and fees on loans $ 48,413 $ 44,084 $ 95,971 $ 87,618
Interest and dividends on securities:        
Interest 6,510 5,988 13,102 11,858
Dividends 120 118 239 236
Other interest income 48 32 142 53
Total interest and dividend income 55,091 50,222 109,454 99,765
Interest expense        
Deposits 8,097 7,437 16,070 14,895
Other interest expense 5,105 4,645 10,362 9,176
Total interest expense 13,202 12,082 26,432 24,071
Net interest income 41,889 38,140 83,022 75,694
Benefit for loan losses (516) (1,250)
Net interest income after benefit for loan losses 41,889 38,656 83,022 76,944
Non-interest income        
Banking services fee income 973 898 1,949 1,782
Net gain on sale of securities 2,363 64 2,363 64
Net gain on sale of loans 3 47 344 49
Net gain on sale of buildings 33,814 6,537 33,814 6,537
Net gain (loss) from fair value adjustments (1,115) 768 (2,102) 173
Federal Home Loan Bank of New York stock dividends 582 457 1,205 975
Gain from life insurance proceeds 411
Bank owned life insurance 694 715 1,389 1,432
Other income 403 461 884 865
Total non-interest income 37,717 9,947 40,257 11,877
Non-interest expense        
Salaries and employee benefits 13,968 13,157 30,229 27,823
Occupancy and equipment 2,352 2,635 4,722 5,348
Professional services 2,027 1,350 4,177 3,129
FDIC deposit insurance 940 811 1,844 1,560
Data processing 1,199 1,172 2,290 2,247
Depreciation and amortization of bank premises and equipment 1,062 867 2,094 1,535
Other real estate owned/foreclosure expense 405 87 558 607
Prepayment penalty on borrowings 2,082 2,082
Other operating expenses 4,419 4,169 8,955 7,938
Total non-interest expense 28,454 24,248 56,951 50,187
Income before income taxes 51,152 24,355 66,328 38,634
Federal:        
Federal 15,203 7,155 19,950 11,407
State and local 5,514 2,366 6,382 3,660
Total taxes 20,717 9,521 26,332 15,067
Net income $ 30,435 $ 14,834 $ 39,996 $ 23,567
Basic earnings per common share (in dollars per share) $ 1.05 $ 0.51 $ 1.38 $ 0.80
Diluted earnings per common share (in dollars per share) [1] 1.05 0.51 1.38 0.80
Dividends per common share (in dollars per share) $ 0.17 $ 0.16 $ 0.34 $ 0.32
[1] For the three and six months ended June 30, 2016 and 2015, there were no stock options that were anti-dilutive.