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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest and dividend income    
Interest and fees on loans $ 50,885 $ 47,558
Interest and dividends on securities:    
Interest 6,095 6,592
Dividends 121 119
Other interest income 153 94
Total interest and dividend income 57,254 54,363
Interest expense    
Deposits 8,980 7,973
Other interest expense 4,885 5,257
Total interest expense 13,865 13,230
Net interest income 43,389 41,133
Provision for loan losses
Net interest income after provision for loan losses 43,389 41,133
Non-interest income    
Banking services fee income 874 976
Net gain on sale of loans 210 341
Net loss from fair value adjustments (378) (987)
Federal Home Loan Bank of New York stock dividends 823 623
Gain from life insurance proceeds 1,161 411
Bank owned life insurance 795 695
Other income 204 481
Total non-interest income 3,689 2,540
Non-interest expense    
Salaries and employee benefits 17,104 16,261
Occupancy and equipment 2,496 2,370
Professional services 1,996 2,150
FDIC deposit insurance 326 904
Data processing 1,203 1,091
Depreciation and amortization of bank premises and equipment 1,165 1,032
Other real estate owned/foreclosure expense 351 153
Other operating expenses 4,923 4,536
Total non-interest expense 29,564 28,497
Income before income taxes 17,514 15,176
Provision for income taxes    
Federal 4,749 4,747
State and local 505 868
Total taxes 5,254 5,615
Net income $ 12,260 $ 9,561
Basic earnings per common share (in dollars per share) $ 0.42 $ 0.33
Diluted earnings per common share (in dollars per share) [1] 0.42 0.33
Dividends per common share (in dollars per share) $ 0.18 $ 0.17
[1] For the three months ended March 31, 2017 and 2016, there were no stock options that were anti-dilutive.