XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and Dividend Income        
Loans receivable $ 181,022 $ 161,493 $ 347,116 $ 321,214
Investment securities 5,748 3,189 10,576 6,256
Federal Home Loan Bank stock 255 255 516 472
Deposits with banks 2,508 438 3,271 753
Total interest and dividend income 189,533 165,375 361,479 328,695
Interest Expense        
Time deposits 5,724 10,055 11,784 24,064
Other deposits 6,895 5,465 12,023 11,059
Advances from Federal Home Loan Bank 312 415 455 890
Long-term debt 1,439 1,439 2,863 2,863
Total interest expense 14,370 17,374 27,125 38,876
Net interest income before provision/(reversal) for credit losses 175,163 148,001 334,354 289,819
Provision/(reversal) for credit losses (2,500) 9,000 (11,143) 22,558
Net interest income after provision/(reversal) for credit losses 172,663 157,001 323,211 312,377
Non-Interest Income        
Net gains/(losses) from equity securities (955) (879) 5,019 (3,631)
Securities losses, net 0 0 0 853
Letters of credit commissions 1,602 1,782 3,158 3,472
Other operating income 8,383 6,398 15,060 11,687
Total non-interest income 14,618 12,583 34,850 22,583
Non-Interest Expense        
Salaries and employee benefits 37,301 32,758 72,776 65,480
Occupancy expense 5,562 4,960 11,175 10,006
Computer and equipment expense 3,297 3,647 6,253 6,918
Professional services expense 7,704 5,756 14,401 10,466
Data processing service expense 3,420 3,243 6,329 6,898
FDIC and regulatory assessments 2,194 1,440 3,996 3,365
Marketing expense 1,740 1,443 2,687 4,325
Other real estate owned (income)/expense (33) 191 38 285
Amortization of investments in low income housing and alternative energy partnerships 7,235 10,682 15,522 22,252
Amortization of core deposit intangibles 250 171 474 343
Cost associated with debt redemption 0 0 0 732
Acquisition, integration and restructuring costs 91 0 4,027 0
Other operating expense 5,362 5,416 9,142 10,040
Total non-interest expense 74,123 69,707 146,820 141,110
Income before income tax expense 113,158 99,877 211,241 193,850
Income tax expense 24,180 22,678 47,235 43,267
Net income 88,978 77,199 164,006 150,583
Other Comprehensive Income, net of tax        
Unrealized holding (losses)/gains on securities available-for-sale (26,455) 247 (72,421) (4,039)
Unrealized holding gains on cash flow hedge derivatives 1,104 439 4,158 1,702
Less: reclassification adjustments for losses included in net income 0 0 0 601
Total other comprehensive (loss)/income, net of tax (25,351) 686 (68,263) (2,938)
Total other comprehensive income $ 63,627 $ 77,885 $ 95,743 $ 147,645
Net Income Per Common Share:        
Basic (in dollars per share) $ 1.19 $ 0.98 $ 2.18 $ 1.90
Diluted (in dollars per share) 1.18 0.97 2.17 1.89
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.31 $ 0.68 $ 0.62
Average Common Shares Outstanding:        
Basic (in shares) 74,958,913 79,167,004 75,144,414 79,347,886
Diluted (in shares) 75,270,140 79,418,668 75,493,516 79,624,344
Deposit Account [Member]        
Non-Interest Income        
Non-Interest Income $ 1,632 $ 1,343 $ 3,303 $ 2,706
Asset Management [Member]        
Non-Interest Income        
Non-Interest Income $ 3,956 $ 3,939 $ 8,310 $ 7,496