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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest and dividend income        
Interest and fees on loans $ 45,243 $ 42,668 $ 132,861 $ 127,277
Interest and dividends on securities:        
Interest 6,508 6,309 18,366 20,051
Dividends 119 190 355 574
Other interest income 43 10 96 55
Total interest and dividend income 51,913 49,177 151,678 147,957
Interest expense        
Deposits 7,701 7,336 22,596 22,724
Other interest expense 4,902 9,884 14,078 19,960
Total interest expense 12,603 17,220 36,674 42,684
Net interest income 39,310 31,957 115,004 105,273
Benefit for loan losses (370) (618) (1,620) (2,829)
Net interest income after benefit for loan losses 39,680 32,575 116,624 108,102
Non-interest income        
Banking services fee income 778 748 2,560 2,324
Net gain on sale of securities 103 5,216 167 5,216
Net gain on sale of loans 306   355  
Net gain on sale of buildings     6,537  
Net loss from fair value adjustments (1,094) (474) (921) (1,520)
Federal Home Loan Bank of New York stock dividends 480 463 1,455 1,444
Bank owned life insurance 725 762 2,157 2,293
Other income 399 408 1,264 1,062
Total non-interest income 1,697 7,123 13,574 10,819
Non-interest expense        
Salaries and employee benefits 12,648 12,164 40,471 36,686
Occupancy and equipment 2,443 2,007 7,791 5,961
Professional services 1,907 1,601 5,036 4,338
FDIC deposit insurance 817 771 2,377 2,141
Data processing 1,178 1,021 3,425 3,131
Depreciation and amortization 993 690 2,528 2,122
Other real estate owned/foreclosure expense 110 372 717 907
Other operating expenses 3,612 2,811 11,550 8,868
Total non-interest expense 23,708 21,437 73,895 64,154
Income before income taxes 17,669 18,261 56,303 54,767
Provision for income taxes        
Federal 5,375 5,240 16,782 15,511
State and local 1,286 1,820 4,946 6,074
Total taxes 6,661 7,060 21,728 21,585
Net income $ 11,008 $ 11,201 $ 34,575 $ 33,182
Basic earnings per common share (in Dollars per share) $ 0.38 $ 0.38 $ 1.18 $ 1.11
Diluted earnings per common share (in Dollars per share) [1] 0.38 0.38 1.18 1.11
Dividends per common share (in Dollars per share) $ 0.16 $ 0.15 $ 0.48 $ 0.45
[1] For the three and nine months ended September 30, 2015 and 2014, there were no stock options that were anti-dilutive.