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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest and dividend income        
Interest and fees on loans $ 57,322 $ 51,631 $ 112,339 $ 102,516
Interest and dividends on securities:        
Interest 5,616 6,432 11,084 12,527
Dividends 17 123 31 244
Other interest income 338 129 625 282
Total interest and dividend income 63,293 58,315 124,079 115,569
Interest expense        
Deposits 14,788 9,510 26,898 18,490
Other interest expense 5,865 5,188 11,932 10,073
Total interest expense 20,653 14,698 38,830 28,563
Net interest income 42,640 43,617 85,249 87,006
Provision for loan losses 153
Net interest income after provision for loan losses 42,640 43,617 85,096 87,006
Non-interest income        
Banking services fee income 1,000 1,014 1,948 1,888
Net gain on sale of loans 421 34 158 244
Net loss from fair value adjustments (267) (1,159) (367) (1,537)
Federal Home Loan Bank of New York stock dividends 881 643 1,757 1,466
Gain from life insurance proceeds 6 776 1,167
Bank owned life insurance 776 807 1,538 1,602
Other income 357 603 558 807
Total non-interest income 3,168 1,948 6,368 5,637
Non-interest expense        
Salaries and employee benefits 15,291 15,424 33,746 32,528
Occupancy and equipment 2,476 2,654 5,053 5,150
Professional services 2,439 1,919 4,624 3,915
FDIC deposit insurance 547 503 1,047 829
Data processing 1,426 1,321 2,827 2,524
Depreciation and amortization 1,455 1,155 2,844 2,320
Other real estate owned/foreclosure expense (income) 40 (96) 136 255
Net gain from sales of real estate owned (27) (27) (50)
Other operating expenses 3,749 3,185 8,440 8,158
Total non-interest expense 27,396 26,065 58,690 55,629
Income before income taxes 18,412 19,500 32,774 37,014
Provision for income taxes        
Federal 3,311 5,576 5,918 10,325
State and local 1,178 1,199 1,521 1,704
Total taxes 4,489 6,775 7,439 12,029
Net income $ 13,923 $ 12,725 $ 25,335 $ 24,985
Basic earnings per common share (in dollars per share) $ 0.48 $ 0.44 $ 0.88 $ 0.86
Diluted earnings per common share (in dollars per share) [1] 0.48 0.44 0.88 0.86
Dividends per common share (in dollars per share) $ 0.20 $ 0.18 $ 0.40 $ 0.36
[1] For the three and six months ended June 30, 2018 and 2017, there were no common stock equivalents that were anti-dilutive.