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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividend income        
Interest and fees on loans $ 69,198 $ 60,367 $ 206,218 $ 182,033
Interest and dividends on securities:        
Interest 3,706 3,525 10,463 12,963
Dividends 7 9 22 35
Other interest income 42 13 129 325
Total interest and dividend income 72,953 63,914 216,832 195,356
Interest expense        
Deposits 4,705 7,093 16,349 35,842
Other interest expense 4,884 6,897 15,188 20,047
Total interest expense 9,589 13,990 31,537 55,889
Net interest income 63,364 49,924 185,295 139,467
(Benefit) provision for credit losses (6,927) 2,470 (5,705) 19,267
Net interest income after (benefit) provision for credit losses 70,291 47,454 191,000 120,200
Non-interest income        
Banking services fee income 865 1,316 4,823 3,058
Net (loss) gain on sale of securities (10)   113 (91)
Net gain on sale of loans 131   289 42
Net gain on disposition of assets     621 0
Net (loss) gain from fair value adjustments (2,289) (2,225) (7,855) 1,987
Life insurance proceeds     0 659
Federal Home Loan Bank of New York stock dividends 491 874 1,680 2,719
Bank owned life insurance 1,015 923 3,021 2,798
Other income 663 463 1,275 1,052
Total non-interest income 866 1,351 3,967 12,224
Non-interest expense        
Salaries and employee benefits 20,544 17,335 63,087 52,139
Occupancy and equipment 3,534 3,021 10,423 8,688
Professional services 1,899 2,064 6,287 6,911
FDIC deposit insurance 618 727 2,560 2,114
Data processing 1,759 1,668 5,287 5,175
Depreciation and amortization 1,627 1,542 4,904 4,633
Other real estate owned/foreclosure expense 182 240 194 121
Other operating expenses 6,182 3,388 15,773 11,339
Total non-interest expense 36,345 29,985 108,515 91,120
Income before income taxes 34,812 18,820 86,452 41,304
Provision for income taxes        
Federal 6,410 3,359 16,338 8,655
State and local 2,989 1,130 6,404 1,436
Total taxes 9,399 4,489 22,742 10,091
Net income $ 25,413 $ 14,331 $ 63,710 $ 31,213
Basic earnings per common share $ 0.81 $ 0.50 $ 2.02 $ 1.08
Diluted earnings per common share 0.81 0.50 2.02 1.08
Dividends per common share $ 0.21 $ 0.21 $ 0.63 $ 0.63