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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST INCOME:        
Loans receivable $ 89,805 $ 51,749 $ 265,697 $ 149,192
Mortgage-backed securities 4,803 1,307 15,467 3,609
Securities and cash equivalents 3,241 1,737 9,306 5,138
Total interest income 97,849 54,793 290,470 157,939
INTEREST EXPENSE:        
Deposits 2,784 1,738 8,501 5,240
FHLB advances 256 4 874 24
Other borrowings 82 47 234 137
Junior subordinated debentures 1,019 816 2,962 2,357
Total interest expense 4,141 2,605 12,571 7,758
Net interest income 93,708 52,188 277,899 150,181
PROVISION FOR LOAN LOSSES 2,000 0 4,000 0
Net interest income after provision for loan losses 91,708 52,188 273,899 150,181
NON-INTEREST INCOME:        
Deposit fees and other service charges 12,927 9,746 36,957 27,435
Mortgage banking operations 8,141 4,426 20,409 13,238
Bank-owned life insurance (BOLI) 1,333 550 3,646 1,441
Miscellaneous 1,344 489 3,936 1,623
Other operating income 23,745 15,211 64,948 43,737
Net gain (loss) on sale of securities 891 0 531 (537)
Net change in valuation of financial instruments carried at fair value (1,124) (1,113) (1,472) 735
Total non-interest income 23,512 14,098 64,007 43,935
NON-INTEREST EXPENSE:        
Salary and employee benefits 44,758 27,026 136,497 78,057
Less capitalized loan origination costs (4,953) (3,747) (14,110) (10,372)
Occupancy and equipment 10,979 6,470 32,419 18,833
Information/computer data services 4,836 2,219 14,607 6,744
Payment and card processing expenses 5,878 4,168 16,164 10,926
Professional services 2,258 951 5,736 2,489
Advertising and marketing 2,282 1,959 6,489 5,767
Deposit insurance 890 713 3,539 1,905
State/municipal business and use taxes 956 475 2,564 1,383
REO operations (21) (2) 513 190
Amortization of core deposit intangibles 1,724 286 5,339 1,268
Miscellaneous 7,785 3,972 22,311 11,416
Operating expenses, before acquisition-related costs 77,372 44,490 232,068 128,606
Acquisition-related costs 1,720 2,207 10,945 7,741
Total non-interest expense 79,092 46,697 243,013 136,347
Income before provision for income taxes 36,128 19,589 94,893 57,769
PROVISION FOR INCOME TAXES 12,277 6,642 32,312 19,440
NET INCOME $ 23,851 $ 12,947 $ 62,581 $ 38,329
Earnings per common share:        
Basic $ 0.70 $ 0.62 $ 1.84 $ 1.88
Diluted 0.70 0.62 1.83 1.87
Cumulative dividends declared per common share $ 0.23 $ 0.18 $ 0.65 $ 0.54
Weighted average number of common shares outstanding, Basic 34,045,225 20,755,394 34,050,459 20,417,601
Weighted average number of common shares outstanding, Diluted 34,124,611 20,821,377 34,104,875 20,467,609