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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and dividend income        
Interest and fees on loans $ 53,318 $ 49,181 $ 155,834 $ 145,152
Interest and dividends on securities:        
Interest 5,850 6,173 18,377 19,275
Dividends 30 121 274 360
Other interest income 121 49 403 191
Total interest and dividend income 59,319 55,524 174,888 164,978
Interest expense        
Deposits 10,655 8,520 29,145 24,590
Other interest expense 5,623 5,291 15,696 15,653
Total interest expense 16,278 13,811 44,841 40,243
Net interest income 43,041 41,713 130,047 124,735
Provision for loan losses 3,266 3,266
Net interest income after provision for loan losses 39,775 41,713 126,781 124,735
Non-interest income        
Banking services fee income 885 826 2,773 2,775
Net (loss) gain on sale of securities (186) (186) 2,363
Net gain on sale of loans 152 240 396 584
Net gain on sale of buildings 33,814
Net loss from fair value adjustments (1,297) (823) (2,834) (2,925)
Federal Home Loan Bank of New York stock dividends 740 665 2,206 1,870
Gain from life insurance proceeds 238 47 1,405 458
Bank owned life insurance 816 707 2,418 2,096
Other income 313 191 1,120 1,075
Total non-interest income 1,661 1,853 7,298 42,110
Non-interest expense        
Salaries and employee benefits 15,310 14,795 47,838 45,024
Occupancy and equipment 2,502 2,576 7,652 7,298
Professional services 1,763 1,730 5,678 5,907
FDIC deposit insurance 499 536 1,328 2,380
Data processing 1,349 939 3,873 3,229
Depreciation and amortization 1,173 1,169 3,493 3,263
Other real estate owned/foreclosure expense 121 273 376 831
Prepayment penalty on borrowings 2,082
Other operating expenses 3,249 4,259 11,357 13,214
Total non-interest expense 25,966 26,277 81,595 83,228
Income before income taxes 15,470 17,289 52,484 83,617
Provision for income taxes        
Federal 4,680 5,568 15,005 25,518
State and local 611 1,087 2,315 7,469
Total taxes 5,291 6,655 17,320 32,987
Net income $ 10,179 $ 10,634 $ 35,164 $ 50,630
Basic earnings per common share (in dollars per share) $ 0.35 $ 0.37 $ 1.21 $ 1.75
Diluted earnings per common share (in dollars per share) [1] 0.35 0.37 1.21 1.75
Dividends per common share (in dollars per share) $ 0.18 $ 0.17 $ 0.54 $ 0.51
[1] For the three and nine months ended September 30, 2017 and 2016, there were no stock options that were anti-dilutive.