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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
INTEREST INCOME:        
Loans receivable $ 88,935 $ 51,078 $ 175,893 $ 97,443
Mortgage-backed securities 5,274 1,275 10,664 2,302
Securities and cash equivalents 3,112 1,723 6,065 3,400
Total interest income 97,321 54,076 192,622 103,145
INTEREST EXPENSE:        
Deposits 2,771 1,768 5,717 3,501
FHLB advances 339 3 618 20
Other borrowings 78 48 153 91
Junior subordinated debentures 985 800 1,944 1,541
Total interest expense 4,173 2,619 8,432 5,153
Net interest income before provision for loan losses 93,148 51,457 184,190 97,992
PROVISION FOR LOAN LOSSES 2,000 0 2,000 0
Net interest income 91,148 51,457 182,190 97,992
NON-INTEREST INCOME:        
Deposit fees and other service charges 12,213 9,563 24,031 17,689
Mortgage banking operations 6,625 4,703 12,268 8,812
Bank-owned life insurance (BOLI) 1,128 453 2,313 891
Miscellaneous 1,328 653 2,592 1,136
Other operating income 21,294 15,372 41,204 28,528
Loss on sale of securities (380) (28) (359) (537)
Net change in valuation of financial instruments carried at fair value (377) 797 (348) 1,847
Total non-interest income 20,537 16,141 40,497 29,838
NON-INTEREST EXPENSE:        
Salary and employee benefits 45,175 26,744 91,738 51,031
Less capitalized loan origination costs (4,907) (3,787) (9,157) (6,625)
Occupancy and equipment 11,052 6,357 21,440 12,363
Information/computer data services 4,852 2,273 9,772 4,526
Payment and card processing expenses 5,501 3,742 10,286 6,758
Professional services 865 721 3,479 1,536
Advertising and marketing 2,474 2,198 4,207 3,808
Deposit insurance 1,311 625 2,649 1,192
State/municipal business and use taxes 770 455 1,608 908
REO operations 137 167 534 191
Amortization of core deposit intangibles 1,808 367 3,615 983
Miscellaneous 8,437 3,987 14,526 7,445
Operating expenses, before acquisition-related costs 77,475 43,849 154,697 84,116
Acquisition-related costs 2,412 3,885 9,224 5,533
Total non-interest expense 79,887 47,734 163,921 89,649
Income before provision for income taxes 31,798 19,864 58,766 38,181
PROVISION FOR INCOME TAXES 10,841 6,615 20,035 12,798
NET INCOME $ 20,957 $ 13,249 $ 38,731 $ 25,383
Earnings per common share:        
Basic $ 0.62 $ 0.64 $ 1.14 $ 1.25
Diluted 0.61 0.64 1.14 1.25
Cumulative dividends declared per common share $ 0.21 $ 0.18 $ 0.42 $ 0.36
Weighted average number of common shares outstanding, Basic 34,069,234 20,725,833 34,053,105 20,245,905
Weighted average number of common shares outstanding, Diluted 34,116,498 20,789,533 34,090,647 20,301,448