XML 20 R5.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME:      
Loans receivable $ 577,891,000 $ 450,916,000 $ 445,731,000
Mortgage-backed securities 72,352,000 67,585,000 45,723,000
Securities and cash equivalents 51,329,000 54,068,000 29,046,000
Total interest income 701,572,000 572,569,000 520,500,000
INTEREST EXPENSE:      
Deposits 100,126,000 10,124,000 11,770,000
FHLB advances 10,524,000 489,000 2,592,000
Other borrowings 3,376,000 377,000 467,000
Subordinated debt 11,541,000 8,400,000 8,780,000
Total interest expense 125,567,000 19,390,000 23,609,000
Net interest income 576,005,000 553,179,000 496,891,000
Financing Receivable, Credit Loss, Expense (Reversal) 10,789,000 10,364,000 (33,388,000)
Interest Income (Expense), after Provision for Loan Loss, Total 565,216,000 542,815,000 530,279,000
NON-INTEREST INCOME      
Deposit fees and other service charges 41,638,000 44,459,000 39,495,000
Mortgage banking operations 11,817,000 10,834,000 33,948,000
Bank Owned Life Insurance Income 9,245,000 7,794,000 5,000,000
Miscellaneous 5,169,000 6,805,000 12,875,000
Other operating income 67,869,000 69,892,000 91,318,000
Net (loss) gain on sale of securities (19,242,000) (3,248,000) 482,000
Net change in valuation of financial instruments carried at fair value (4,218,000) 807,000 4,616,000
Gain on sale of branches, including related deposits 0 7,804,000 0
Total non-interest income 44,409,000 75,255,000 96,416,000
NON-INTEREST EXPENSE:      
Salary and employee benefits 244,563,000 242,266,000 244,351,000
Less capitalized loan origination costs (16,257,000) (24,313,000) (34,401,000)
Occupancy and equipment 47,886,000 52,018,000 52,850,000
Information and computer data services 28,445,000 25,986,000 24,356,000
Payment and card processing services 20,547,000 21,195,000 20,544,000
Professional and legal expenses 9,830,000 14,005,000 22,274,000
Advertising and marketing 4,794,000 3,959,000 6,036,000
Deposit insurance 10,529,000 6,649,000 5,583,000
State and municipal business and use taxes 5,260,000 4,693,000 4,343,000
Real estate operations, net (538,000) (104,000) (22,000)
Amortization of core deposit intangibles 3,756,000 5,279,000 6,571,000
Loss on extinguishment of debt 0 793,000 2,284,000
Miscellaneous 23,723,000 24,869,000 24,236,000
Total other operating expense, before acquisition related costs 382,538,000 377,295,000 379,005,000
COVID-19 expenses 0 0 436,000
Merger and acquisition - related expenses 0 0 660,000
Total non-interest expense 382,538,000 377,295,000 380,101,000
Income before provision for income taxes 227,087,000 240,775,000 246,594,000
PROVISION FOR INCOME TAXES 43,463,000 45,397,000 45,546,000
NET INCOME $ 183,624,000 $ 195,378,000 $ 201,048,000
Earnings per common share:      
Basic (in dollars per share) $ 5.35 $ 5.70 $ 5.81
Diluted (in dollars per share) 5.33 5.67 5.76
Cumulative dividends declared per common share (in dollars per share) $ 1.92 $ 1.76 $ 1.64
Weighted average number of common shares outstanding:      
Basic 34,344,142 34,264,322 34,610,056
Diluted 34,450,412 34,459,922 34,919,188