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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME:        
Loans receivable $ 95,221 $ 89,805 $ 281,304 $ 265,697
Mortgage-backed securities 6,644 4,803 17,529 15,467
Securities and cash equivalents 3,413 3,241 9,976 9,306
Total interest income 105,278 97,849 308,809 290,470
INTEREST EXPENSE:        
Deposits 3,189 2,784 9,162 8,501
FHLB advances 569 256 1,142 874
Other borrowings 84 82 241 234
Junior subordinated debentures 1,226 1,019 3,494 2,962
Total interest expense 5,068 4,141 14,039 12,571
Net interest income 100,210 93,708 294,770 277,899
PROVISION FOR LOAN LOSSES 2,000 2,000 6,000 4,000
Net interest income after provision for loan losses 98,210 91,708 288,770 273,899
NON-INTEREST INCOME:        
Deposit fees and other service charges 13,316 12,927 38,739 36,957
Mortgage banking operations 4,498 8,141 15,854 20,409
Bank-owned life insurance (BOLI) 1,043 1,333 3,599 3,646
Miscellaneous 1,705 1,344 7,062 3,936
Other operating income 20,562 23,745 65,254 64,948
Net gain on sale of securities 270 891 230 531
Net change in valuation of financial instruments carried at fair value (493) (1,124) (1,831) (1,472)
Total non-interest income 20,339 23,512 63,653 64,007
NON-INTEREST EXPENSE:        
Salary and employee benefits 48,931 44,758 144,014 136,497
Less capitalized loan origination costs (4,331) (4,953) (13,245) (14,110)
Occupancy and equipment 11,737 10,979 35,778 32,419
Information/computer data services 4,420 4,836 12,513 14,607
Payment and card processing expenses 5,839 5,878 16,651 16,164
Professional services 3,349 2,258 12,233 5,736
Advertising and marketing 2,130 2,282 5,225 6,489
Deposit insurance 1,101 890 3,438 3,539
State/municipal business and use taxes 780 956 1,857 2,564
REO operations 240 (21) (1,089) 513
Amortization of core deposit intangibles 1,542 1,724 4,790 5,339
Miscellaneous 6,851 7,785 20,432 22,311
Operating expenses, before acquisition-related costs 82,589 77,372 242,597 232,068
Acquisition-related costs 0 1,720 0 10,945
Total non-interest expense 82,589 79,092 242,597 243,013
Income before provision for income taxes 35,960 36,128 109,826 94,893
PROVISION FOR INCOME TAXES 10,883 12,277 35,502 32,312
NET INCOME $ 25,077 $ 23,851 $ 74,324 $ 62,581
Earnings per common share:        
Basic $ 0.76 $ 0.70 $ 2.25 $ 1.84
Diluted 0.76 0.70 2.25 1.83
Cumulative dividends declared per common share $ 0.25 $ 0.23 $ 1.75 $ 0.65
Weighted average number of common shares outstanding, Basic 32,982,532 34,045,225 32,966,214 34,050,459
Weighted average number of common shares outstanding, Diluted 33,079,099 34,124,611 33,061,172 34,104,875