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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME:        
Loans receivable $ 116,716 $ 118,096 $ 350,815 $ 350,558
Mortgage-backed securities 7,234 9,415 24,354 29,716
Securities and cash equivalents 5,631 3,925 14,824 11,996
Total interest income 129,581 131,436 389,993 392,270
INTEREST EXPENSE:        
Deposits 5,179 10,014 20,623 27,680
FHLB advances 988 3,107 4,036 9,953
Other borrowings 128 82 482 209
Junior subordinated debentures and subordinated notes 2,260 1,612 4,988 5,008
Total interest expense 8,555 14,815 30,129 42,850
Net interest income 121,026 116,621 359,864 349,420
PROVISION FOR CREDIT LOSSES 13,641 2,000 64,917 6,000
Net interest income after provision for credit losses 107,385 114,621 294,947 343,420
NON-INTEREST INCOME:        
Deposit fees and other service charges 8,742 10,331 26,091 36,995
Mortgage banking operations 16,562 6,616 40,891 15,967
Bank-owned life insurance (BOLI) 1,286 1,076 4,653 3,475
Miscellaneous 951 2,914 5,017 5,431
Other operating income 27,541 20,937 76,652 61,868
Net gain (loss) on sale of securities 644 (2) 815 (29)
Net change in valuation of financial instruments carried at fair value 37 (69) (2,360) (172)
Total non-interest income 28,222 20,866 75,107 61,667
NON-INTEREST EXPENSE:        
Salary and employee benefits 61,171 59,090 184,494 169,359
Less capitalized loan origination costs (8,517) (7,889) (25,433) (20,137)
Occupancy and equipment 13,022 12,566 39,114 39,013
Information/computer data services 6,090 5,657 17,984 16,256
Payment and card processing expenses 4,044 4,330 12,135 12,355
Professional and legal expenses 2,368 2,704 6,450 7,474
Advertising and marketing 1,105 2,221 3,584 5,815
Deposit insurance expense 1,628 (1,604) 4,968 1,232
State/municipal business and use taxes 1,196 1,011 3,284 2,963
REO operations, net (11) 126 93 263
Amortization of core deposit intangibles 1,864 1,985 5,867 6,090
Provision for credit losses - unfunded loan commitments 1,539 0 2,356 0
Miscellaneous 5,285 6,435 16,841 20,230
Total non-interest expense 91,567 87,308 276,389 264,038
Noninterest Operating Expense, Before COVID-19 and Acquisition Related Costs 90,784 86,632 271,737 260,913
COVID-19 Expenses 778 0 3,169 0
Acquisition-related costs 5 676 1,483 3,125
Income before provision for income taxes 44,040 48,179 93,665 141,049
PROVISION FOR INCOME TAXES 7,492 8,602 16,694 28,426
NET INCOME $ 36,548 $ 39,577 $ 76,971 $ 112,623
Earnings per common share:        
Basic $ 1.04 $ 1.15 $ 2.18 $ 3.24
Diluted 1.03 1.15 2.17 3.23
Cumulative dividends declared per common share $ 0.41 $ 0.41 $ 0.82 $ 1.23
Weighted average number of common shares outstanding, Basic 35,193,109 34,407,462 35,285,567 34,760,607
Weighted average number of common shares outstanding, Diluted 35,316,679 34,497,994 35,524,771 34,850,006