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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME:        
Loans receivable $ 116,487 $ 116,716 $ 340,802 $ 350,815
Mortgage-backed securities 11,695 7,234 32,503 24,354
Securities and cash equivalents 7,686 5,631 20,649 14,824
Total interest income 135,868 129,581 393,954 389,993
INTEREST EXPENSE:        
Deposits 2,749 5,179 9,386 20,623
FHLB advances 655 988 2,244 4,036
Other borrowings 125 128 358 482
Subordinated debt 2,193 2,260 6,605 4,988
Total interest expense 5,722 8,555 18,593 30,129
Net interest income 130,146 121,026 375,361 359,864
(RECAPTURE)/PROVISION FOR CREDIT LOSSES (8,638) 15,180 (28,145) 67,273
Net interest income after (recapture)/provision for credit losses 138,784 105,846 403,506 292,591
NON-INTEREST INCOME:        
Deposit fees and other service charges 10,457 8,742 29,154 26,091
Mortgage banking operations 9,752 16,562 28,670 40,891
Bank-owned life insurance (BOLI) 1,245 1,286 3,797 4,653
Miscellaneous 2,046 951 7,808 5,017
Other operating income 23,500 27,541 69,429 76,652
Net gain on sale of securities 56 644 618 815
Net change in valuation of financial instruments carried at fair value 1,778 37 1,895 (2,360)
Total non-interest income 25,334 28,222 71,942 75,107
NON-INTEREST EXPENSE:        
Salary and employee benefits 59,799 61,171 186,553 184,494
Less capitalized loan origination costs (8,290) (8,517) (26,754) (25,433)
Occupancy and equipment 13,153 13,022 38,965 39,114
Information/computer data services 6,110 6,090 17,915 17,984
Payment and card processing expenses 6,181 4,044 15,482 12,135
Professional and legal expenses 12,324 2,368 20,023 6,450
Advertising and marketing 1,521 1,105 3,965 3,584
Deposit insurance expense 1,469 1,628 4,243 4,968
State/municipal business and use taxes 1,219 1,196 3,367 3,284
REO operations, net 53 (11) (71) 93
Amortization of core deposit intangibles 1,575 1,864 4,997 5,867
Miscellaneous 6,977 5,285 18,642 16,841
Noninterest Operating Expense, Before COVID-19 and Acquisition Related Costs 102,091 89,245 287,327 269,381
COVID-19 Expenses 44 778 309 3,169
Acquisition-related costs 10 5 660 1,483
Total non-interest expense 102,145 90,028 288,296 274,033
Income before provision for income taxes 61,973 44,040 187,152 93,665
PROVISION FOR INCOME TAXES 12,089 7,492 36,031 16,694
NET INCOME $ 49,884 $ 36,548 $ 151,121 $ 76,971
Earnings per common share:        
Basic $ 1.45 $ 1.04 $ 4.35 $ 2.18
Diluted 1.44 1.03 4.32 2.17
Cumulative dividends declared per common share $ 0.41 $ 0.41 $ 1.23 $ 0.82
Weighted average number of common shares outstanding, Basic 34,446,510 35,193,109 34,716,914 35,285,567
Weighted average number of common shares outstanding, Diluted 34,669,492 35,316,679 35,012,228 35,524,771