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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and Dividend Income        
Loans receivable $ 310,311 $ 293,108 $ 916,175 $ 827,765
Investment securities 15,125 12,698 45,720 36,832
Federal Home Loan Bank stock 375 355 1,305 957
Deposits with banks 13,680 17,307 41,793 43,405
Total interest and dividend income 339,491 323,468 1,004,993 908,959
Interest Expense        
Time deposits 119,786 90,022 347,408 234,171
Other deposits 45,918 38,207 133,218 92,683
Advances from Federal Home Loan Bank 1,885 6,779 13,517 14,875
Long-term debt 2,351 1,726 5,935 4,721
Short-term debt 396 1,094 1,872 2,901
Total interest expense 170,336 137,828 501,950 349,351
Net interest income before provision for credit losses 169,155 185,640 503,043 559,608
Provision for credit losses 14,500 7,000 23,000 24,255
Net interest income after provision for credit losses 154,655 178,640 480,043 535,353
Non-Interest Income        
Net gains/(losses) from equity securities 4,253 (6,218) (6,204) 9,298
Net gains/(losses) from securities available for sale 0 0 1,107 (3,000)
Letters of credit commissions 2,081 1,738 5,686 4,972
Other operating income 5,914 5,631 16,841 16,226
Total non-interest income 20,365 7,837 40,191 45,191
Non-Interest Expense        
Salaries and employee benefits 40,859 38,774 124,850 114,048
Occupancy expense 5,938 5,851 17,557 16,883
Computer and equipment expense 4,753 4,387 15,212 12,899
Professional services expense 7,021 7,906 22,225 24,212
Data processing service expense 4,330 3,614 12,136 11,010
FDIC and regulatory assessments 3,250 3,063 13,081 9,230
Marketing expense 1,614 1,587 5,002 4,777
Other real estate owned expense 596 435 2,331 566
Amortization of investments in low-income housing and alternative energy partnerships 24,077 23,157 61,905 60,497
Amortization of core deposit intangibles 250 250 848 1,059
Other operating expense 4,179 4,949 14,311 14,799
Total non-interest expense 96,867 93,973 289,458 269,980
Income before income tax expense 78,153 92,504 230,776 310,564
Income tax expense 10,639 10,133 24,998 38,966
Net income 67,514 82,371 205,778 271,598
Other Comprehensive Income/(Loss), net of tax        
Net holding gains/(losses) on securities available-for-sale 26,607 (24,043) 19,737 (19,915)
Net holding losses on cash flow hedge derivatives 0 (441) (774) (1,323)
Total other comprehensive income/(loss), net of tax 26,607 (24,484) 18,963 (21,238)
Total comprehensive income $ 94,121 $ 57,887 $ 224,741 $ 250,360
Net Income Per Common Share:        
Basic (in dollars per share) $ 0.94 $ 1.14 $ 2.84 $ 3.74
Diluted (in dollars per share) 0.94 1.13 2.83 3.73
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.34 $ 1.02 $ 1.02
Average Common Shares Outstanding:        
Basic (in shares) 71,786,624 72,568,518 72,370,995 72,546,149
Diluted (in shares) 72,032,456 72,890,414 72,607,550 72,847,907
Deposit Account [Member]        
Non-Interest Income        
Non-Interest Income $ 1,572 $ 1,536 $ 4,900 $ 5,009
Asset Management [Member]        
Non-Interest Income        
Non-Interest Income $ 6,545 $ 5,150 $ 17,861 $ 12,686