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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST INCOME:        
Loans receivable $ 115,391 $ 115,173 $ 224,315 $ 234,099
Mortgage-backed securities 11,437 7,983 20,808 17,120
Securities and cash equivalents 6,737 5,591 12,963 9,193
Total interest income 133,565 128,747 258,086 260,412
INTEREST EXPENSE:        
Deposits 3,028 6,694 6,637 15,444
FHLB advances 655 984 1,589 3,048
Other borrowings 124 238 233 354
Subordinated debt 2,204 1,251 4,412 2,728
Total interest expense 6,011 9,167 12,871 21,574
Net interest income 127,554 119,580 245,215 238,838
(RECAPTURE)/PROVISION FOR CREDIT LOSSES (10,256) 28,623 (19,507) 52,093
Net interest income after (recapture)/provision for credit losses 137,810 90,957 264,722 186,745
NON-INTEREST INCOME:        
Deposit fees and other service charges 9,758 7,546 18,697 17,349
Mortgage banking operations 7,478 14,138 18,918 24,329
Bank-owned life insurance (BOLI) 1,245 2,317 2,552 3,367
Miscellaneous 3,720 1,427 5,762 4,066
Other operating income 22,201 25,428 45,929 49,111
Net gain on sale of securities 77 93 562 171
Net change in valuation of financial instruments carried at fair value 58 2,199 117 (2,397)
Total non-interest income 22,336 27,720 46,608 46,885
NON-INTEREST EXPENSE:        
Salary and employee benefits 61,935 63,415 126,754 123,323
Less capitalized loan origination costs (8,768) (11,110) (18,464) (16,916)
Occupancy and equipment 12,823 12,985 25,812 26,092
Information/computer data services 5,602 6,084 11,805 11,894
Payment and card processing expenses 4,975 3,851 9,301 8,091
Professional and legal expenses 4,371 2,163 7,699 4,082
Advertising and marketing 1,181 652 2,444 2,479
Deposit insurance expense 1,241 1,705 2,774 3,340
State/municipal business and use taxes 1,083 1,104 2,148 2,088
REO operations, net 118 4 (124) 104
Amortization of core deposit intangibles 1,711 2,002 3,422 4,003
Miscellaneous 6,156 5,199 11,665 11,556
Noninterest Operating Expense, Before COVID-19 and Acquisition Related Costs 92,428 88,054 185,236 180,136
COVID-19 Expenses 117 2,152 265 2,391
Acquisition-related costs 79 336 650 1,478
Total non-interest expense 92,624 90,542 186,151 184,005
Income before provision for income taxes 67,522 28,135 125,179 49,625
PROVISION FOR INCOME TAXES 13,140 4,594 23,942 9,202
NET INCOME $ 54,382 $ 23,541 $ 101,237 $ 40,423
Earnings per common share:        
Basic $ 1.57 $ 0.67 $ 2.90 $ 1.14
Diluted 1.56 0.67 2.88 1.14
Cumulative dividends declared per common share $ 0.41 $ 0 $ 0.82 $ 0.41
Weighted average number of common shares outstanding, Basic 34,736,639 35,189,260 34,854,357 35,326,401
Weighted average number of common shares outstanding, Diluted 34,933,714 35,283,690 35,149,986 35,545,086