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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and dividend income        
Interest and fees on loans $ 59,658 $ 53,318 $ 171,997 $ 155,834
Interest and dividends on securities:        
Interest 5,562 5,850 16,646 18,377
Dividends 18 30 49 274
Other interest income 248 121 873 403
Total interest and dividend income 65,486 59,319 189,565 174,888
Interest expense        
Deposits 17,425 10,655 44,323 29,145
Other interest expense 6,540 5,623 18,472 15,696
Total interest expense 23,965 16,278 62,795 44,841
Net interest income 41,521 43,041 126,770 130,047
Provision for loan losses 3,266 153 3,266
Net interest income after provision for loan losses 41,521 39,775 126,617 126,781
Non-interest income        
Banking services fee income 1,017 885 2,965 2,773
Net loss on sale of securities (186) (186)
Net gain on sale of loans 10 152 168 396
Net loss from fair value adjustments (170) (1,297) (537) (2,834)
Federal Home Loan Bank of New York stock dividends 873 740 2,630 2,206
Gain from life insurance proceeds 2,222 238 2,998 1,405
Bank owned life insurance 782 816 2,320 2,418
Other income 221 313 779 1,120
Total non-interest income 4,955 1,661 11,323 7,298
Non-interest expense        
Salaries and employee benefits 15,720 15,310 49,466 47,838
Occupancy and equipment 2,475 2,502 7,528 7,652
Professional services 1,915 1,763 6,539 5,678
FDIC deposit insurance 596 499 1,643 1,328
Data processing 1,427 1,349 4,254 3,873
Depreciation and amortization 1,484 1,173 4,328 3,493
Other real estate owned/foreclosure expense (income) (102) 121 34 376
Net gain from sales of real estate owned (27) (50)
Other operating expenses 3,718 3,249 12,158 11,407
Total non-interest expense 27,233 25,966 85,923 81,595
Income before income taxes 19,243 15,470 52,017 52,484
Provision (benefit) for income taxes        
Federal 2,307 4,680 8,225 15,005
State and local (397) 611 1,124 2,315
Total taxes 1,910 5,291 9,349 17,320
Net income $ 17,333 $ 10,179 $ 42,668 $ 35,164
Basic earnings per common share (in dollars per share) $ 0.61 $ 0.35 $ 1.48 $ 1.21
Diluted earnings per common share (in dollars per share) [1] 0.61 0.35 1.48 1.21
Dividends per common share (in dollars per share) $ 0.20 $ 0.18 $ 0.60 $ 0.54
[1] For the three and nine months ended September 30, 2018 and 2017, there were no common stock equivalents that were anti-dilutive.