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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
INTEREST INCOME:        
Loans receivable $ 51,749 $ 46,496 $ 149,192 $ 131,439
Mortgage-backed securities 1,307 1,459 3,609 4,376
Securities and cash equivalents 1,737 1,809 5,138 5,595
Total Interest Income 54,793 49,764 157,939 141,410
INTEREST EXPENSE:        
Deposits 1,738 1,903 5,240 5,776
FHLB advances 4 20 24 110
Other borrowings 47 43 137 133
Junior subordinated debentures 816 734 2,357 2,180
Total Interest Expense 2,605 2,700 7,758 8,199
Net interest income before provision for loan losses 52,188 47,064 150,181 133,211
PROVISION FOR LOAN LOSSES 0 0 0 0
Net interest income 52,188 47,064 150,181 133,211
OTHER OPERATING INCOME:        
Deposit fees and other service charges 9,746 8,289 27,435 22,237
Mortgage banking operations 4,426 2,842 13,238 7,282
Miscellaneous 1,039 946 3,064 2,577
Other operating income (loss) 15,211 12,077 43,737 32,096
Gain (loss) on sale of securities 0 6 (537) 41
Net change in valuation of financial instruments carried at fair value (1,113) 1,452 735 1,662
Acquisition bargain purchase gain 0 0 0 9,079
Total other operating income 14,098 13,535 43,935 42,878
OTHER OPERATING EXPENSES:        
Salary and employee benefits 27,026 22,971 78,057 66,457
Less capitalized loan origination costs (3,747) (3,204) (10,372) (8,680)
Occupancy and equipment 6,470 5,819 18,833 17,055
Information/computer data services 2,219 2,131 6,744 5,984
Payment and card processing expenses 4,168 3,201 10,926 8,462
Professional services 951 784 2,489 2,900
Advertising and marketing 1,959 2,454 5,767 4,878
Deposit insurance 713 607 1,905 1,820
State/municipal business and use taxes 475 475 1,383 1,022
REO operations (2) (190) 190 (260)
Amortization of core deposit intangibles 286 531 1,268 1,460
Miscellaneous 3,972 3,410 11,416 9,884
Other operating expense, before acquisition-related costs 44,490 38,989 128,606 110,982
Acquisition-related costs (recovery) 2,207 (494) 7,741 1,530
Total other operating expenses 46,697 38,495 136,347 112,512
Income before provision for income taxes 19,589 22,104 57,769 63,577
PROVISION FOR INCOME TAXES 6,642 7,285 19,440 21,221
NET INCOME $ 12,947 $ 14,819 $ 38,329 $ 42,356
Earnings per common share:        
Basic (in dollars per share) $ 0.62 $ 0.76 $ 1.88 $ 2.19
Diluted (in dollars per share) 0.62 0.76 1.87 2.18
Cumulative dividends declared per common share (in dollars per share) $ 0.18 $ 0.18 $ 0.54 $ 0.54