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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME:        
Loans receivable $ 149,254 $ 116,610 $ 423,359 $ 321,466
Mortgage-backed securities 17,691 17,558 54,954 48,486
Securities and cash equivalents 12,119 16,951 39,521 37,059
Total interest income 179,064 151,119 517,834 407,011
INTEREST EXPENSE:        
Deposits 31,001 2,407 60,784 6,501
FHLB advances 2,233 0 8,654 291
Other borrowings 1,099 81 2,251 245
Subordinated debt 2,965 2,188 8,549 5,866
Total interest expense 37,298 4,676 80,238 12,903
Net interest income 141,766 146,443 437,596 394,108
Provision for Loan, Lease, and Other Losses 2,027 6,087 8,267 3,660
Net interest income after provision for credit losses 139,739 140,356 429,329 390,448
NON-INTEREST INCOME:        
Deposit fees and other service charges 10,916 11,449 32,078 33,638
Mortgage banking operations 2,049 105 6,426 8,523
BOLI 2,062 1,804 6,636 5,674
Miscellaneous 942 1,689 4,010 5,423
Other operating income 15,969 15,047 49,150 53,258
Net (loss) gain on sale of securities (2,657) 6 (14,436) 473
Net change in valuation of financial instruments carried at fair value (654) 532 (4,357) 650
Gain on sale of branches, including related deposits 0 0 0 7,804
Total non-interest income 12,658 15,585 30,357 62,185
NON-INTEREST EXPENSE:        
Salary and employee benefits 61,091 61,639 184,452 181,957
Less capitalized loan origination costs (4,498) (5,984) (12,386) (19,436)
Occupancy and equipment 11,722 12,008 35,686 38,512
Information and computer data services 7,118 6,803 21,347 19,451
Payment and card processing services 5,172 5,508 14,459 16,086
Professional and legal expenses 3,042 2,619 7,563 7,677
Advertising and marketing 1,362 1,326 3,108 2,609
Deposit insurance 2,874 1,946 7,603 4,910
State and municipal business and use taxes 1,359 1,223 3,888 3,389
Real estate operations, net (383) 68 (585) (132)
Amortization of core deposit intangibles 857 1,215 2,898 4,064
Loss on extinguishment of debt 0 0 0 793
Miscellaneous 6,175 6,663 17,884 18,402
Total non-interest expense 95,891 95,034 285,917 278,282
Income before provision for income taxes 56,506 60,907 173,769 174,351
PROVISION FOR INCOME TAXES 10,652 11,837 32,769 33,353
NET INCOME $ 45,854 $ 49,070 $ 141,000 $ 140,998
Earnings per common share:        
Basic $ 1.33 $ 1.43 $ 4.11 $ 4.11
Diluted 1.33 1.43 4.09 4.09
Common Stock, Dividends, Per Share, Declared $ 0.48 $ 0.44 $ 1.44 $ 1.32
Weighted average number of common shares outstanding, Basic 34,379,865 34,224,640 34,331,458 34,277,182
Weighted average number of common shares outstanding, Diluted 34,429,726 34,416,017 34,439,214 34,499,246
Net change in valuation of financial instruments carried at fair value $ (654) $ 532 $ (4,357) $ 650