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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST INCOME:        
Loans receivable $ 104,506 $ 115,391 $ 204,856 $ 224,315
Mortgage-backed securities 16,819 11,437 30,928 20,808
Securities and cash equivalents 11,676 6,737 20,108 12,963
Total interest income 133,001 133,565 255,892 258,086
INTEREST EXPENSE:        
Deposits 2,008 3,028 4,094 6,637
FHLB advances 0 655 291 1,589
Other borrowings 80 124 164 233
Interest Expense, Subordinated Notes and Debentures 1,902 2,204 3,678 4,412
Total interest expense 3,990 6,011 8,227 12,871
Net interest income 129,011 127,554 247,665 245,215
PROVISION (RECAPTURE) FOR CREDIT LOSSES 4,534 (10,256) (2,427) (19,507)
Net interest income after provision (recapture) for credit losses 124,477 137,810 250,092 264,722
NON-INTEREST INCOME:        
Deposit fees and other service charges 11,000 9,758 22,189 18,697
Mortgage banking operations 3,978 7,345 8,418 18,692
BOLI 2,239 1,245 3,870 2,552
Miscellaneous 2,051 3,853 3,734 5,988
Other operating income 19,268 22,201 38,211 45,929
Net gain on sale of securities 32 77 467 562
Net change in valuation of financial instruments carried at fair value 69 58 118 117
Gain on sale of branches, including related deposits 7,804 0 7,804 0
Total non-interest income 27,173 22,336 46,600 46,608
NON-INTEREST EXPENSE:        
Salary and employee benefits 60,832 61,935 120,318 126,754
Less capitalized loan origination costs (7,222) (8,768) (13,452) (18,464)
Occupancy and equipment 13,284 12,823 26,504 25,812
Information/computer data services 5,997 5,602 12,648 11,805
Payment and card processing expenses 5,682 4,975 10,578 9,301
Professional and legal expenses 2,878 4,371 5,058 7,699
Advertising and marketing 822 1,181 1,283 2,444
Deposit insurance 1,440 1,241 2,964 2,774
State/municipal business and use taxes 1,004 1,083 2,166 2,148
REO operations, net (121) 118 (200) (124)
Amortization of core deposit intangibles 1,425 1,711 2,849 3,422
Loss on extinguishment of debt 0 0 793 0
Miscellaneous 6,032 6,156 11,739 11,665
Noninterest Operating Expense, Before COVID-19 and Acquisition Related Costs 92,053 92,428 183,248 185,236
COVID-19 Expenses 0 117 0 265
Merger and acquisition - related expenses 0 79 0 650
Total non-interest expense 92,053 92,624 183,248 186,151
Income before provision for income taxes 59,597 67,522 113,444 125,179
PROVISION FOR INCOME TAXES 11,632 13,140 21,516 23,942
NET INCOME $ 47,965 $ 54,382 $ 91,928 $ 101,237
Earnings per common share:        
Basic $ 1.40 $ 1.57 $ 2.68 $ 2.90
Diluted 1.39 1.56 2.66 2.88
Cumulative dividends declared per common share $ 0.44 $ 0.41 $ 0.88 $ 0.82
Weighted average number of common shares outstanding, Basic 34,307,001 34,736,639 34,303,889 34,854,357
Weighted average number of common shares outstanding, Diluted 34,451,740 34,933,714 34,532,935 35,149,986